We will need
funding for our expansion programme. After running a successful fleet of regional
news channels, we are looking at a national news channel in the Hindi space,
said the source.
Saifs investments, iLabs and Unified Group will have around 65.5 per cent
stake in ABCL, down from the current 80 per cent, the source added. Ravi Prakash
will have 10 per cent and the other 10 per cent is allotted in form of ESOPs.
has decided to file a revised proposal to get the FIPB nod. In its
earlier application, it had sought merger of a company that is controlled
by Saif with itself. It would have issued and allotted compulsory
convertible preference shares on the date of completion of the merger.
company will also approach the court for approval of the amalgamation scheme.
to the source, Saif had taken almost entire ownership of iVision Media India for
around Rs 510 million. iVision Media India, owned then by the promoter of iLabs,
was into the news agency business but had gone dormant. Saif had invested to revive
ABCL took around Rs 510 million as a loan from iVision. The condition
was that it either pay back the amount to Saif or part with equity.
intention now is to amalgamate iVision with ABCL and part with around 14.5 per
cent equity. We will do that once we get the FIPB approval, the source said.
is expecting to post a revenue of Rs 1.3 billion for the fiscal ended March 2011,
up from Rs 1 billion a year ago.