Sun TV - Statement on utilization of IPO proceeds

Sun TV Network Ltd has informed BSE regarding a statement on the utilization of issue proceeds:

Against the total projected utilization of Rs. 572 Crores (net of issue expenses) from the Initial Public Offering (IPO) funds, an amount of Rs. 355.77 Crores has been utilised towards capitalization of subsidiaries, Rs. 86.32 Crores towards launch of new channels and purchase of new equipment and up-gradation of existing equipment; and Rs. 62.34 Crores towards construction of owned corporate office. The balance proceeds from the IPO after meeting the IPO expenses, pending utilization have been invested in fixed deposits with banks.