Lead managed by SBI Capital markets and co-managed by IL&FS Merchant Banking, this offer would include a book-built portion of 84.15 lakh equity shares and a fixed price portion of 9.35 lakh equity shares. Also, this offer is being made through the 90 per cent book-building scheme, wherein not more than 60 per cent of the offer size shall be made available for allocation on a discretionary basis to qualified institutional buyers (QIBs).

A minimum of 15 per cent of the offer size shall be available on a proportionate basis to non-institutional investors. The balance 15 per cent would be available for allocation on proportionate basis to the retail investors. The fixed price portion of the offer will constitute 10 per cent of the offer on proportionate basis to the retail investors.

Originally incorporated in 1948 as Express Printers Pvt Ltd, the company subsequently was renamed twice before finally being renamed as Manipal Media Network Ltd in June 2000.

According to sources at SBI Caps, which does the due diligence of the issue, the proceeds of the present issue will be invested in the growth and expansion of the publishing business and in the related Internet business.

Also, a part of the issue amount would be invested to set up a facility for development of television software content.

There has been a considerable amount of growth in the financial performance of the company during the last three years. The total income from operation for the period ended as on October 31, 2000 was Rs 24 crore. The profit figures too show a steady growth. For instance, there has been a jump from a mere Rs 92 lakh during the fiscal period 1998 to Rs 3.1 crore for the 10- month period in the year 2000.

Though there has been a decline in earning per share (EPS) ratio, the weighted average of EPS on the face value of Rs 2 per equity share is Rs 1.38The equity shares are proposed to be listed at stock exchanges of Mangalore, the Stock exchange, Mumbai and the National Stock Exchange.