Mumbai, Feb 19: Future Communications Ltd (FCL), a Mumbai-based media software content provider, is planning to tap the market with an initial public offer (IPO) in March and it has filed an offer document with the Securities and Exchange Board of India (Sebi) to that effect.Lead managed by Keynote Corporate Services Ltd, the company would make a public issue of 59 lakh equity shares of Rs 10 each for cash at a premium of Rs 20 each aggregating to Rs 17.70 crore.
Speaking to The Financial Express company sources said, "The proceeds of the public issue would be used for different investment purposes. A part of it would go into setting up high-tech integrated "ready to shoot" studios for shooting of TV serials, ad films and feature films and to procure and install modern equipment." FCL has also planned to acquire content of television software/serials, the sources said.
The total cost of the expansion plan has been estimated at Rs 20 crore by the company.
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