MUMBAI: Sea TV Network Limited, an Agra (U.P)-based company providing services of a Multi System Operator (MSO) to various local cable TV operators, has filed a Draft Red Herring Prospectus with the Securities & Exchange Board of India to enter the capital market with an Initial Public Offering of 10,000,000 equity shares of Rs 10 each for cash at a price to be decided through a 100% book-building process.
Incorporated in May 2004, Sea TV Network Ltd.’s promoters have been in this line of activity for about 15 years and are well conversant with the Cable TV industry. The company focuses on the cable distribution business and intends to emerge as a MSO with an all India presence, while working in consonance with the broadcasters and the viewers. Sea TV also has its own free-to-air local channels, where programmes are produced by its own production team.
The objects of the issue are to raise financial resources for setting up complete Digital Headend and network for implementation of Conditional Access System (CAS); setting up network for complete IPTV solution; setting up of own cable distribution (underground optical fibre) network capable of digital transmission throughout Agra City and adjoining areas; setting up own 20 branch-offices in the city including in the adjoining areas with required infrastructure for receiving digital signals and re-transmitting the same without much value addition through co-axial cables to individual customers/subscribers. Sea TV proposes to adopt latest technology; i.e., IPTV for providing TV channels to its viewers.