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Nalanda Capital picks up $22 Million stakes in Sun TV
By siliconindia
Bangalore: The Indian arm of the Singapore-based Nalanda Capital has picked up 1.78 percent stake in Kalanidhi Maran's Tamil Nadu based Sun TV Network for around $22 million (
101.5 crores). Nalanda India Fund has acquired the stake for 145 per share via an open market bulk deal on the Bombay Stock Exchange (BSE) from Indiabulls Financial Services.
The stake picked up might have gone up to 2.6 percent, which would take the deal size to more than 150 crore. However, it is not confirmed. Sun TV, which claims to be India's second largest television network, has a wide media empire with 20 TV channels, 43 FM radio stations, two daily newspapers and four magazines. It also has a presence in cable TV and movie production. The deal comes after Marans ended their feud with DMK party chief and Tamil Nadu Chief Minister M Karunanidhi earlier this month. The television network has also been in news as its subsidiary Sun Pictures has announced production of southern superstar Rajinikanth's mega budget Shankar extravaganza Endhiran, whose budget is touted to be at 165 crore.
Founded by former Warburg Pincus India head Pulak Prasad, Nalanda Capital has $400 million fund with a mandate to invest in listed Indian companies only. It was for the first time in India that a PE firm focused on the Indian market to formally state PIPEs (private investment in public enterprise) as its sole investment strategy. It has already picked up stakes in more than half a dozen listed companies such as Mastek, Triveni Engineering and Page Industries.
101.5 crores). Nalanda India Fund has acquired the stake for 145 per share via an open market bulk deal on the Bombay Stock Exchange (BSE) from Indiabulls Financial Services.
The stake picked up might have gone up to 2.6 percent, which would take the deal size to more than 150 crore. However, it is not confirmed. Sun TV, which claims to be India's second largest television network, has a wide media empire with 20 TV channels, 43 FM radio stations, two daily newspapers and four magazines. It also has a presence in cable TV and movie production. The deal comes after Marans ended their feud with DMK party chief and Tamil Nadu Chief Minister M Karunanidhi earlier this month. The television network has also been in news as its subsidiary Sun Pictures has announced production of southern superstar Rajinikanth's mega budget Shankar extravaganza Endhiran, whose budget is touted to be at 165 crore.
Founded by former Warburg Pincus India head Pulak Prasad, Nalanda Capital has $400 million fund with a mandate to invest in listed Indian companies only. It was for the first time in India that a PE firm focused on the Indian market to formally state PIPEs (private investment in public enterprise) as its sole investment strategy. It has already picked up stakes in more than half a dozen listed companies such as Mastek, Triveni Engineering and Page Industries.