Sun TV - utilization of IPO funds

Sun TV Network Ltd has informed bout the utilization of issue proceeds as under :

"Against the total projected utilization of Rs 572 Crores (net of issue expenses) from the Initial Public Offering (IP0) funds, an amount of Rs 310.35 Crores has been utilised towards capitalization of subsidiaries, Rs 10.33 Crores towards construction of owned corporate office and Rs 24.60 Crores towards purchase of new equipment and up-gradation of existing equipment. The balance proceeds from the IPO after meeting the IP0 expenses, pending utilization have been invested in fixed deposits with banks.