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Broadcast Worldwide to receive funds from Crombie International

15-May-2001
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Broadcast Worldwide to receive funds from Crombie International

Broadcast Worldwide Ltd., a satellite television company promoted by the Rathikant Basu, is all set to receive a $800,000 funding from Crombie International Ltd., Mauritius. According to a company official, on approval of the capital-restructuring scheme by the concerned regulatory authorities and on subsequent receipt of the money, 75,200 equity shares of the company will be transferred to Crombie International.

Broadcast Worldwide is into the business of transmitting and broadcasting of the TARA satellite television channels in four regional languages -- Bangla, Gujarati, Marathi and Punjabi.

Recently, the company had said that it was postponing a planned initial public offer of Rs 100 crore due to the depressed market conditions and said it will instead go for a third round of funding by offering part of its equity to some strategic investors. The company planned to raise Rs 80 crore from transfer of equity shares.

Broadcast Worldwide has a project outlay of Rs 140 crore over three years. In the last two rounds of funding, it has been able to raise only about Rs 60 crore, primarily from financial institutions.

Sterling Infotech made the initial investment in the company. Subsequently, it received funds from financial institutions like the Industrial Development Bank of India (IDBI) and the Unit Trust of India (UTI) which had subscribed to 10 per cent of the second round of funding of Rs 45 crore.

After the second phase of funding, the shareholding of the company’s promoters -- Basu and Sterling Infotech -- was diluted to 33 per cent. Sources pointed out that subsequent to the Crombie funding, it would further get diluted; though exact details could not be ascertained.

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