The company had withdrawn its bookbuilding IPO at a floor price of Rs 225 a month back, thanks to the lukewarm retail investor response. The IPO had been oversubscribed to the tune of 1.25 times.

The company has now changed the facevalue of each share from the earlier Rs 10 to Rs 5. In tandem, the number of shares offered has been doubled from around 25.02 lakh to 50.04 lakh.

The issue consists of a bookbuilding portion of 37.53 lakh equity shares and a fixed price portion of 12.51 lakh. The equity shares are proposed to be listed at the stock exchanges of Mumbai and NSE. HSBC Securities and Capital Markets is acting as the book running lead manager.

According to reports, the company has deferred some of its expansion plan.

Earlier, the company had drawn up a Rs 75.54-crore project. Of this, Rs 2 crore was earmarked for portal development, Rs 8.93 crore in procurement of film rights, Rs 1.2 crore in advertising division, Rs 8.62 crore in tele shopping network and e-commerce activities linked to the tele shopping network, Rs 5 crore in expansion of marketing network, Rs 10 crore in acquisition of rights/commercial time on TV, Rs 3 crore in expansion of post-production studio, Rs 3 crore in acquisition of TV software including Hindi film songs and Rs 27.79 crore for working capital requirements.

The company's revenues for the next one year will significantly depend on its mythological programme Om Namah Shivay. Creative Eye is engaged in the development and production of programmes for television channels and airtime marketing.

The company has a mix of programmes covering various genres including mythology, social, comedy, thrillers, film based, etc. The company has a library of over 1,000 hours of television software (over 600 hours of original programmes and 400 hours of dubbed programmes) which offers potential for syndicating the same for global audience or having re-runs in different channels. The company currently has a networth of Rs 22.13 crore.

For fiscal 2000, the company recorded a net profit of Rs 2.85 crore on total income of Rs 49.77 crore.