DQ Entertainment to raise funds; plans Indian IPO

MUMBAI: Hyderabad based animation company DQ Entertainment, which is currently listed on London Stock Exchange’s Alternate Investment Market (AIM), plans to list its Indian subsidiary on Indian bourses. The company plans to raise funds will soon list DQE India.

The funds will be utilised for the DQE India’s future growth plans. With the Indian IPO (Initial Public Offering), DQ Entertainment’s holding in DQE India will reduce from 100% to not less than 75%.

The company said, "It is currently intended that any funds raised by DQE India will be such that the dilution to the Company’s beneficial ownership shall be no more than 25%."

DQ Entertainment filed the Draft Red Herring Prospectus (DRHP) on 30 September, 2009, with the Securities Exchange Board of India (SEBI) in connection with the proposed public offering of shares of DQE India for raising funds to meet its growth plans.