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Reminiscent India Television plans to offload 20% equity

26-September-2001
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Reminiscent India Television plans to offload 20% equity

Reminiscent India Television, which runs the Lashkara and Gurjari channels in the country, plans to offload a 20 per cent equity stake through private placement. The company has appointed Ernst & Young to value its television software, brands, distribution and business proposition for three years. Ernst & Young is expected to submit the valuation report by October-end.

RITV’s estimated valuation of its assets is Rs 50 crores. “The brand of Lashkara, Gurjari, Miss Lashkara and Lashkara Music Awards is estimated to be valued at Rs 25 crores. The 2,000 hours of TV software will be worth Rs 10 crores. The property assets will account for the balance of Rs 15 crores,” said the company sources.

RITV is also going in for private placement of preference shares to raise Rs 10 crores. The shares, which will carry 12 per cent interest rate, will be bought back by the company after 3 years.

Of the total funds, Rs 2 crores will be utilised to set up post production facilities, Rs 3 crores for additional software, Rs 3.5 crore for uplinking expansion and Rs 1.5 crores for interior location. RITV will pump in another Rs 5 crores. The company is constructing an additional 25,000 sq. ft of office space in Andheri, Mumbai.

RITV will start supplying 30 per cent content for the Urdu channel Anjuman, which is run by the UK-based Reminiscent TV.

Plans are also on to launch the channel in India. RTV has licensed its brands to RITV to market and distribute in India for 25 years.

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