The Company Non Executive  Director Apurva  Purohit  told  media persons here today , ” Music Broadcast Limited operates as a subsidiary of Jagran Prakashan Limited. Radio stations deliver film, non-film, devotional, regional, and international music, as well as radio jockey (RJ) hosted shows in Hindi, Tamil, Kannada, Malayalam, and Telugu languages. It also operates 31 Web radio stations that offer Internet radio with live RJ hosted shows through Planet Radio City in 6 languages with a listenership of 12.20 million. In addition, Music Broadcast Limited operates ‘Planet Radio City’ mobile app that plays various stations, such as ‘Radio City Freedom’, ‘Radio City Electronica’, ‘Radio City Metal’, and ‘Radio City Smaran’ in various languages on mobile and other smart devices.”

Music Broadcst Ltd , a Jagran group firm that runs Radio City FM  channel, will hit the capital markets on March 6 to raise more than Rs 400 crore through initial public offer  and to close March 8,2017 with  the price band fixed from Rs 324 to Rs 333 per equity share.

The IPO  comprises fresh issue of equity shares up to Rs 400 crore and an offer for sale of up to 26.59 lakh equity scrips. It will close on March 8, Music  Brodcast Ltd (MBL) said in a statement. Proceeds from the sale would be primarily used for redemption of listed non-convertible debentures.

MBL, which owns and operates   Radio City , has a pan India presence with radio stations in 37 cities.

ICICI  Securities  ltd  is the sole book running lead manager for the Offer. The equity shares of the company are proposed to be listed on the BSE and the  National Stock Exchange  (NSE).

For the 6-month period ended September 30, 2016, MBL generated total revenue of Rs 138.21 crore and net profit of Rs 29.76 crore.

Summary of financial Information ParticularsFor the year/period ended (in Rs. Million)30-Sep-1631-Mar-1631-Mar-1531-Mar-1431-Mar-1331-Mar-12Total Assets5,278.264,852.883,977.261,699.641,707.771,808.30 Total Revenue 1,382.132,455.062,075.061,572.711,405.061,248.04 Profit After Tax (PAT) 297.56425.07470.59243.25116.19(21.70).

Two of its stations – one in Gwalior and the other in Kolkata are under a sales alliance and are named Suno Lemon 91.9 FM and Friends 91.9 FM in Kolkata. Besides these, the company also operates 40 web radio stations in eight languages on its portal www.planetradiocity.com.

As on March 31,2016., its radio stations reached out to over 4.96 crore listeners in 23 cities.

For the six-month period ended September 2016, the company made a revenue of Rs 138.21 crore and a net profit of Rs 29.75 crore.

Radio City is the first private FM radio broadcaster in India. Radio City operate our radio stations under the brand “Radio City”. Radio City have grown our presence from four cities in 2001 to 29 cities as on November 25, 2016.

These radio stations include the eight “Radio Mantra Stations” transferred from SPML pursuant to the Scheme of Arrangement and a radio station at Kanpur which we launched recently. Radio City is present in 12 out of the top 15 cities in India by population (Source: Census 2011). As on March 31, 2016, our radio stations reached out to over 49.60 million listeners in 23 cities covered by AZ Research.

Under the Phase III Policy, new cities were opened up for auction, pursuant to which Music Broadcast acquired 11 additional radio stations i.e. the New Radio City Stations. The New Radio Stations will be located at Patna, Madurai, Nasik, Kolhapur, Udaipur, Ajmer, Kota, Bikaner, Jamshedpur and Patiala and, includes Radio City radio station in Kanpur, which was recently launched.

Radio City in the process of operationalising the remaining New Radio City Stations. Under the Phase III Policy the license period for radio stations has been increased to 15 years and radio stations are now permitted to carry news bulletins of AIR and also network their radio stations in all cities.

Radio City have in the past networked their stations located at Sangli, Nanded, Jalgaon, Sholapur and Akola in Maharashtra and operate it from a single hub at Ahmednagar. Radio City is now propose to use this experience to network some of thier stations in other states as well.

Music Broadcast Company  has witnessed a growth in total income, EBITDA, improvement in EBITDA margins and ROE over the past years.