Sahara India is planning to acquire majority stake in Jagjit Singh Kohli and Yogesh Shah's Digicable Network, to foray in into cable television distribution sector, reinforcing its TV interests.
The transaction will provide exit to Ashmore Investment Management which had invested R41Cr for a 49% stake in 2007. The fund also has stake in Kohli’s broadband venture, Broadband Pacenet.
The transaction will be a two-way process. Steller Interactive Media Pvt Ltd, the parent company through which Kohli and Yogesh Shah hold their stakes in Digicable and Broadband Pacenet, will first buyout Ashmore with the support of Sahara. Steller Interactive Media, after taking full ownership of Digicable, will then sell majority stake to Sahara.
After five months of negotiations and competitive bidding, the global PE funds Warburg Pincus and General Atlantic, emerge as the frontrunner to buy a majority stake in brokerage and financial services firm, Sharekhan at a deal valued between R2,000- 2,400 Cr.