Content on this page requires a newer version of Adobe Flash Player.

Get Adobe Flash player

TODAY´S NEWS

General Atlantic takes 8% in NDTV for Rs 116 crore

General Atlantic takes 8% in NDTV for Rs 116 crore

Author | Source: The Economic Times | Friday, Sep 16,2005 6:56 AM

A+
AA
A-
General Atlantic takes 8% in NDTV for Rs 116 crore

General Atlantic (GA) European Investments, Cyprus, has picked up nearly an 8% stake in broadcasting major NDTV in a block deal from Shyam Cellular Infrastructure Projects for a consideration of just over Rs 116 crore.

GA Investments has bought 48.36 lakh shares of NDTV at around Rs 240 per share at a face value of Rs four each, representing 7.95% of the equity share capital of the company. Considering the above deal, the broadcaster is valued at around Rs 1,450 crore.

Following this transaction, NDTV has applied for amending its FIPB approval to include the new foreign holding. It has a previous approval for 17.1% foreign equity, most of which has been held by Stanchart Private Equity, Mauritius. When Standard Chartered Private Equity took a 14.35% stake in July '03 soon after NDTV turned broadcaster, the equity fund valued it at Rs 369 crore.

The two co-promoters - Prannoy Roy and Radhika Roy - together own around 55% of the company's equity. They had sought to `gift' 15% of holding to their daughter, a foreign citizen. This proposal has been held up by the I&B ministry, it is believed, as this will take the foreign holding in the company to over 26% - beyond the cap allowed for news broadcasters.

Tags: e4m

Write A Comment