Technology

Suzlon promoters to reduce stake in You Broadband's cable TV firm

MUMBAI: Tanti and his family members, promoters of wind power company Suzlon Energy Ltd, will reduce their stake in Digital Outsourcing Pvt Ltd (DOPL), the cable TV venture of Citigroup Venture Capital-controlled You Broadband and Cable.


You Broadband and Cable, which is planning to raise Rs 3.58 billion through an initial public offering (IPO), plans to purchase 433,875 equity shares, or 13.29 per cent stake, of DOPL.
 
The company currently holds 36.24 per cent in DOPL. Though CVC holds 82.44 per cent in You Broadband, the holding will come down following the IPO. This will provide headroom for You Broadband to increase its stake in DOPL. The government has put a 49 per cent foreign holding cap on cable TV companies.


“We intend to be ‘Indian owned and controlled’ (namely to have at least 50 per cent of the equity interest of our company beneficially owned by resident Indian citizens and/or Indian companies which are in turn owned by resident Indian citizens) on the completion of the IPO. As an Indian owned and controlled Company, we will be able to purchase or acquire a controlling stake in MSO/LCO companies. As part of the objects of this issue, we intend to purchase 433,875 equity shares in DOPL,” You Broadband said. 
 
You Broadband has entered into an agreement with the Suzlon promoters to acquire from them 433,875 equity shares of DOPL for an aggregate consideration of up to Rs 128.26 million.


You Broadband also said it is entitled to purchase of 416,125 equity shares, or 12.75 per cent, of issued and paid-up share capital of DOPL, “inter-alia subject to allotment of 10,688,757 Equity Shares of our Company constituting 4.425 per cent of our equity share capital.” This will mean “extinguishment of all rights and privileges of Tanti Family with respect to our Company.”


Indiantelevision.com was the first to report that the Suzlon promoters had picked up 49 per cent stake in DOPL in 2008.

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