B4U Multimedia International, which owns Hindi film channel Bollywood For You (B4U), is planning a private placement of equity with non-resident Indians (NRI) and overseas corporate bodies (OCBs) ahead of its proposed $120m float and Indian launch.

The company, which operates movie channels in the US and UK, is aiming to raise $25m through the placement to fund expansion plans which include the launch of B4U Movies and B4U Music in India in September. The company has already acquired domestic TV rights to more than 1,000 Hindi films and appointed Modi Entertainment Network to distribute the channels.