Hindi
Network18 to take over IFC, values movie company at Rs 1.75 bn
MUMBAI: Network18 Holdings, a subsidiary of Raghav Bahl-promoted Network18 Media and Investments, is in the process of taking over AIM-listed Indian Film Company (IFC).
In a fresh acquisition, the company has picked up 14.39 per cent stake in IFC for ?3.15 million (Rs 250.81 million). With this, Network18 will hold 35.99 per cent stake in the movie company.
Network18 will now have to make an offer to buy out the remaining shares. In a disclosure, the company said it has made a mandatory cash offer for all IFC shares (other than those already owned by the Network 18 Parties), as required by Rule 9 of the UK Takeover Code.
The offer price is at 40 pence per share, valuing the London-listed company at ?22 million (Rs 1.75 billion). This represents a premium of approximately 1.2 per cent to the closing mid-market price of 39.5 pence per IFC share on 29 July 2009, the last business day prior to the commencement of the offer period.
Network18‘s latest acquisition of 7,913,500 shares, or 14.39 per cent, of IFC was from a single shareholder in the market. The purchase was made at a price of 39.75 pence per share.
Indian companies are wanting to take complete control of their AIM-listed movie companies as they find it difficult to support their further fund-raising activities in these overseas entities. In a highly competitive movie environment, with many large Indian and international companies having entered the fray, they will need large resources as they scale up.
“IFC is the only exception where an entity exclusively focused on the Indian film industry is backed by a relatively passive minority stake of the sponsor, Network 18 Media. This puts IFC at a significant competitive disadvantage,” Network18 said.
The plan is to consolidate IFC as a Network18 Group company. The buy-out of shares would also lead to enhanced liquidity, capital appreciation and scale.
“This will allow it the full benefits of directly and openly leveraging Network18 Group‘s strengths such as its branding its association with media brands like CNN, CNBC, Viacom and Forbes, and will enable it to compete better with the other big names of the industry,” Network18 said.
IFC, which makes investments in both Indian films and films primarily targeted at the Indian audience, was admitted to trading on the AIM market on 18 June 2007. It operates as an externally managed India-focused motion picture company with outsourced production and distribution functions.
The company held investments with a carrying value of ?52.06 million, according to information provided till 31 March 2009.
IFC posted a net profit of ?3.89 million for the fiscal ended 31 March 2009, giving earnings per share of 7.07 pence.
The net asset value (NAV) of the company stood at 117.32 pence per share.
Hindi
Rashmika Mandanna, Shanaya Kapoor and Naila Grrewal climb IMDb’s Indian celebrity rankings
Upcoming films and returning shows are driving fan interest across Bollywood and streaming
MUMBAI: Bollywood’s popularity contest has a new weekly scorecard, and the numbers are telling. IMDb’s Popular Indian Celebrities list for this week places Shanaya Kapoor at number six, buoyed by buzz around her film Tu Yaa Main. Naila Grrewal slots in at seven on the back of the returning comedy series Maamla Legal Hai, while Rashmika Mandanna climbs to eighth, riding mounting anticipation for Cocktail 2.
The list, available exclusively on the IMDb app for Android and iOS, tracks trending Indian entertainers and filmmakers each week, drawing on data from more than 200m monthly visits to the platform worldwide.
Further down the rankings, Raaka is keeping two of its biggest names in the spotlight. Deepika Padukone holds 11th position, with Allu Arjun close behind at 13th, as the film continues to find traction with audiences.
The list offers fans a weekly pulse on who is breaking through, who is holding steady, and who is fading. It is a barometer as unsparing as the box office itself.
