India’s Videocon d2h mounts IPO

Videocon d2h, formerly Bharti subsidiary Bharat Business Channel, is to mount an IPO and raise some 7 billion Rupees ($113 million) and using half of the cash raised to fund the purchase of new set-top boxes, dishes and similar elements.

About R1.75 billion will be used to pay down debt, and the balance used for general corporate needs.

Videocon d2h has been looking for the right opportunity to issue its IPO, and a move had been expected for the past 2 years.

The broadcaster will also raise 500 million Rupees in a pre-IPO placement of new shares.

Videocon d2h is a fast growing pay-TV broadcaster and now with more than 9 million net subscribers acquired since it launched in July 2009.

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