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CDPQ buy stakes in UTV

CDPQ buy stakes in UTV

Author | exchange4media News Service | Monday, Jan 01,1900 7:29 AM

CDPQ buy stakes in UTV

Canadian private equity major, CDPQ (The Case of Deposit and Placement of Quebec), has made its first commitment in India with a $13 million infusion into Ronnie Screwvala promoted entertainment company United Television (UTV).

While $10 million has been invested through a fresh issue of equity, about $3 million from CDPQ has gone towards buying out part of Warburg Pincus’ holding in UTV. The promoter has bought out the other part of the Warburg stake. While Warburg Pincus’ exact holding in the company could not be confirmed, it is believed to be in the region of about 7-8 per cent.

UTV is understood to have obtained the foreign investment promotion board’s approval for CDPQ’s investment last week. CDPQ will now hold about 33 per cent in UTV.

CDPQ is a financial partner for several funds of investment across the world. In India, CDPQ is an investor in the AMP-IndAsia fund.

According to industry sources, UTV has been attempting to raise funds for a while now. The company had planned an initial public offering (IPO) nearer to Rs 80 crore. With the capital markets tapering off, UTV began exploring the option of a private placement.

Source: Financial Express
Tags: e4m

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