State Industrial Corporation of Maharashtra (SICOM) has sold 10% stake in Shree Ashtavinayak Cine Vision Ltd in the market in the past three weeks.
Shares sold by SICOM were pledged and hence were not reflecting in the shareholder's list of the company as on December 2010.
Sicom had financed Shree Astavinayak for working capital requirement and other business purposes.
Transaction Reference: Economic Times
As on December 2010, the promoters of Shree Ashtavinayak have pledged more than two-third of their holding of around 29%.
Shree Ashtavinayak Cine Vision Ltd is a film production, distribution and exhibition company.
According to ET report last November, two global hedge funds owned by JP Morgan - US-based QVT and Highbridge Capital have approached SEBI and MCA stating that Shree Astavinayak is not allowing their FCCBs to convert into shares. The two funds had invested $19 million in FCCBs of Shree Ashtavinayak in 2007.
The reason for conversion may be the hedge funds might sell their stake in the market.
Shree Astavinayak has recently partnered with LFS Media & Entertainment Pvt Ltd (LFS Group) for the launch of INDIA STUDIOCITY in Mumbai. INDIA STUDIOCITY will be spread across 300 acres of prime land with an approximate value of INR 3,000 Crores.
Sales of the company declined by 51.77% to Rs.77.56 Cr in Q3 FY2011 as compared to Rs.160.80 Cr in Q3 FY2010. Its PAT declined by 40.57% to Rs.10.87 Cr in Q3 FY2011 against Rs.18.29 Cr in Q3 FY2010.
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4126
3836
944
4256
972
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17633
42
1639
25439
3002
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1343
458
3139
32625
140
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24534
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KVEZAR VIEW
| Date | Transaction | Type | Buyer | Size ($mn) |
| 17/02/11 |
Shree Ashtavinayak Cine Vision - SICOM (Stake Sale) |
Private Equity |
|
- |
| 14/12/06 |
Shree Ashtavinayak Cine Vision Limited - IPO |
IPO / Offerings |
|
11.80 |
| Date | Type | Buyer | Target | Size ($mn) | State |
| 09/05/12 |
Venture Capital |
Neeraj Goenka |
Talentube Entertainment Private Limited |
12.00 |
Completed |
| 09/05/12 |
M&A |
Jyoti Agarwal |
DB Corp Limited |
32.66 |
Announced |
| 27/04/12 |
Private Equity |
The Chernin Group |
Endemol India Private Limited |
- |
Completed |
| 27/04/12 |
Private Equity |
The Chernin Group |
OML Entertainment Private Limited (Only Much Louder) |
- |
Completed |
Company |
| Name | Promoters | Office | Competitor | Website |
| Shree Ashtavinayak Cine Vision Limited |
|
|
UTV Software Communications Limited |
|
