Advertisement


Advertisement

Thread Rating:
  • 11 Vote(s) - 2.09 Average
  • 1
  • 2
  • 3
  • 4
  • 5
TV9 promoter to sell 15% to Mauritius fund
Advertisement
#1
New Delhi: The regional broadcasting space continues to attract foreign investment as the Hyderabad-based Associated Broadcasting Company has managed to rope in Mauritius-based private equity fund Saif III Mauritius Company to buy around 15% stake valuing the company at Rs 340 crore in less than five years of operations. Associated Broadcasting operates channels like TV9, TV1, TV9 Mumbai, News9 and India Vision among others across Andhra Pradesh, Karnataka, Kerala and Tamil Nadu.

This comes on the back of various foreign private equity funds investing in regional channels like Asianet, Sun group and others in the past few months. Within 2010, the regional broadcasters have managed to attract over Rs 1,200 crore in foreign investments. Latest to join the overseas investment wagon is Associated Broadcasting Company that will offload nearly 15% stake for around Rs 51 crore to Mauritius-based SMCL which is a subsidiary of Tokyo-based Softbank Corp.

According to sources, the Associated Broadcasting Company has sought permission from the foreign investment promotion board (FIPB) for the clearance of nearly 15% stake in the company by permitting the amalgamation of Hyderabad-based ‘iVision Media India’ with Associated Broadcasting Company. Since SMCL already owns 80% in ‘iVision Media’, the FIPB clearance is mandatory for Associated Broadcasting as post merger it will have a foreign equity of nearly 15% which is below the sectoral cap of 26% for news broadcasters.

Saif III Mauritius Company or SMCL has already earmarked $200 million investments in India across telecom, media and the technology sector.

SMCL has already exposed its funds to various Indian firms including $20 million in Catmoss Retail Ltd, $25 million in Network 18 Media, around $10 million in Home Shop18 and another significant investment in the National Stock Exchange. Its source of funds are from SAIF, a subsidiary of Softbank Corp. SAIF is also been an investor in travel portal Makemytrip.com, directory services JustDial, GetIt among others.

Recently, the FIPB cleared the foreign investments to the tune of over Rs 620 crore in the regional media space including those in Jagram Media (Rs 225 crore) and Kal Media (Rs 396 crore). Earlier in the year, the FIPB had cleared a proposal worth Rs 425 crore from the Mauritius-based firm SVJ Holdings in Asianet Communications. Another Mauritius-based PE fund SIDOFI Communications also got the FIPB nod to pick up 10% in Asianet last month.

Source: The Financial Express

Reply
Thanks given by:
Advertisement
Advertisement




Possibly Related Threads...
Thread Author Replies Views Last Post
  General News: Prasar Bharati to sell vacant DD Free Dish MPEG-2 slots through 42nd e-auction nairrk 0 221 11-06-2019, 12:28 PM
Last Post: nairrk
  General News: 21st Century Fox in talks with Disney to sell assets including Star India nairrk 0 891 11-07-2017, 06:01 PM
Last Post: nairrk
  DTH News: Gemini TV to live telecast 'HudHud' fund raiser event "Memu Saitam Telethon", Dileep 0 721 11-18-2014, 04:58 PM
Last Post: Dileep
  DTH News: Network 18 & TV18 to acquire ETV channels; RIL to fund deal samanth 1 1,443 01-04-2012, 09:08 PM
Last Post: SRK
  Help: Zoom launches in Mauritius from April 2011 Sathish 0 1,399 04-05-2011, 08:28 PM
Last Post: Sathish
  DTH News: B4U’s proposal to raise money from Mauritius rejected Sathish 0 1,222 01-29-2011, 11:17 AM
Last Post: Sathish
  News Corp to sell stake in 3 Chinese TV channels Sathish 0 874 08-10-2010, 01:39 PM
Last Post: Sathish
  SAB TV to sell programmes to overseas networks Sathish 0 822 06-23-2010, 02:29 PM
Last Post: Sathish
  Sun TV, DB Corp need to pare promoter stakes Mr.Bhat 0 1,171 06-05-2010, 11:41 PM
Last Post: Mr.Bhat
  Home advantage: IPL Season 3 is a sell out For SET MAX Mr.Bhat 0 1,246 12-29-2009, 11:07 AM
Last Post: Mr.Bhat

Forum Jump:


Users browsing this thread: 1 Guest(s)
Advertisement