MUMBAI: Sea TV Network, the Agra-based multi-system-operator (MSO), has received the approval from the Securities and Exchange Board of India (Sebi) for its proposed initial public offering (IPO).

The company will be raising Rs 502 million via public float.

As reported earlier by Indiantelevision.com, the company intends to invest Rs 275 million out of the issue proceeds in setting up a complete digital head-end. It also plans to pump in Rs 52.8 million for setting up network for IPTV solution and Rs 65.6 million for laying underground optical fibre capable of digital transmission throughout Agra city and adjoining areas.
 
The total fund requirement of Sea TV, including meeting the expenses of the IPO issue, is Rs 596.5 million. It also requires Rs 155.5 million for setting up 20 branch-offices in Agra and adjoining areas with required infrastructure for receiving digital signals and re-transmitting the same through co-axial cables to individual subscribers.

Besides the proposed IPO, Sea TV Network will also raise term loans and fund from internal accruals. 
 
Chartered Capital and Investment is the Book Running Lead Manager and Link Intime India is the Registrar to the issue. Post IPO, the equity shares are proposed to be listed on BSE.

The company’s total income for the year ended 31 March 2010 was Rs 94.62 million while net profit stood at Rs 15.05 million.