MUMBAI: FM radio network My FM parent DB Corp, owner of India's second-most read newspaper, plans to raise as much as 3.85 billion rupees ($82 million) in an initial public offering starting 11 December.

The Bhopal headquartered company will sell 18.2 million shares at 185 rupees to 212 rupees apiece. The offer, which ends on Dec. 15, consists of 12.7 million new shares and 5.45 million shares offered by Cliffrose Investment Ltd., an investor.

DB Corp publishes seven newspapers across 11 Indian states, including Dainik Bhaskar in Hindi and Divya Bhaskar in Gujarati. The company, which also operates 17 FM radio stations, will use the funds to set up two new publishing units, upgrade existing plants and repay 1.1 billion rupees of loans, it said in offer documents.

Company director Girish Agarwaal told reporters in Mumbai on Wednesday that the company's radio business will break even in the near future....

The shares offered will account for about 10 percent of the company's post- issue equity. The founders will own 86 percent.