Vipul, Shefali Shah-promoted Sunshine Pic mobilises funding ahead of IPO

Film and television producer-director Vipul Shah-promoted Sunshine Pictures Ltd yesterday mobilised Rs 84.64 crore from nine anchor investors ahead of its initial public offering (IPO).

According to a PTI report yesterday, the company has allotted over 23.51 lakh equity shares at Rs 360 apiece, the upper end of its IPO price band, to the anchor investors, according to a circular uploaded on the BSE website.

The anchor investors include Innovative Vision Fund, Khandelwal Finance Pvt Ltd, Arnesta Global Opportunities Fund, Uni Growth Fund, Zeal Global Opportunities Fund, Visionary Value Fund, The Asio Fund VCC, Shine Star Build Cap Pvt Ltd and LRSD Securities Pvt Ltd.

Sunshine Pictures Ltd will open its Rs 282-crore initial public offering (IPO) for subscription on August 18, with a price band of Rs 342-360 per share.

The IPO comprises a fresh issue of 48 lakh equity shares and an offer for sale (OFS) of 30.37 lakh equity shares, taking the total offer size to 78.37 lakh shares.

Promoters Vipul Amrutlal Shah and Shefali Vipul Shah will sell shares through the OFS. Vipul Shah will offload 20.31 lakh shares, while Shefali Shah will sell 10.06 lakh shares.

The company plans to utilise up to Rs 112.50 crore from the fresh issue to meet its long-term working capital requirements, with the remaining proceeds earmarked for general corporate purposes.

The proposed listing is expected to enhance Sunshine Pictures’ visibility, strengthen its brand image and create a public market for its equity shares in India.

The equity shares will be listed on both BSE and NSE on August 25. GYR Capital Advisors Private Ltd is the book-running lead manager to the issue, while Bigshare Services Private Ltd is the registrar.

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“This initiative will empower subscribers to pay online and subscribe to the channels they want to watch and get it activated on their TV sets in real-time without any delay. Without needing to undertake any software development, LMOs can approach Mobiezy for their pre-built and pre-integrated solution that uses NXTDigital’s news APIs and can be up and running with their own mobile apps within just a few days.”

RU Ediriwira, Group CTO, NXTDigital Limited

“With the launch of Partnership for Growth 3.0 we intend to expand our network with 40 new NXTHUBs, each offering up to 650 live TV channels and broadband. Our efforts are focused on harnessing the convergence of technologies, developing robust apps and creating new business models that will help the overall ecosystem, delivering the best experience to our subscribers. We hope to achieve a stronger foothold in the rural regions of the country and grow our subscriber base.”

N.K. Rouse, COO, NXT Digital Ltd

“One of the key principles of the Hinduja Group is ‘Partnership for Growth’. After 2.0 saw the launch of HITS to connect LMOs in even the most remote locations through the only satellite-based cable TV platform in India; 3.0 focuses not just on strengthening the overall ecosystem we have built, but harnessing the convergence of technologies – to be delivered through a national network of NXTHUBs. Video and broadband are only the beginning of the digital highway of services that we have developed for roll-out backed by a robust suite of innovative apps developed by service providers exclusively for our LMOs and subscribers.”

Vynsley Fernandes, MD & CEO, NXTDigital Limited

“Wireline broadband is becoming ever more important not only in connecting homes across the country but also small to large enterprises-to the digital economy. The NXTHUBs will be the perfect point-of-presence to offer broadband services to cater to these consumer needs.”

Yugal Kishore Sharma CEO, ONEOTT Intertainment Limited

Amazing and grim battle for survival. Guess it will end up in Supreme Court. All that NCLT asked Zee to do was to file a reply to Invesco petition for a EGM. Now this is getting too serious. So far Invesco has been hammered for demanding an EGM. What is Zee upto? Ofcourse my lawyer community knows better!

Ashok Mansukhani, Corporate Law and Media Law Advocate at Ashokmansukhani Associates

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Vipul, Shefali Shah-promoted Sunshine Pic mobilises funding ahead of IPO

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