SET India defers acquisition of SET Singapore

MUMBAI: Sony Entertainment Television India has deferred the acquisition of sister company SET Singapore as its proposed initial public offering (IPO) is unlikely to happen for at least a year.

The decision to put off restructuring of the holding was taken because it would have attracted capital gains tax. "As the IPO is not happening now, we have decided to put on hold the buying of SET Singapore. The proposed restructuring transaction would have attracted capital gains tax," says a company source.

SET India had obtained clearance from the Foreign Investment Promotion Board (FIPB) to acquire 100 per cent shares of SET Singapore through a share swap transaction. According to the proposal, one share of SET India was to be exchanged for 16 shares of SET Singapore. Post-restructuring, 60.65 per cent of the SET India equity would be with the Sony Pictures Entertainment (SPE) entities, 19.83 per cent with non-resident Indians and overseas corporate bodies, 7.68 per cent with foreign institutional investors and 11.84 per cent with Indian shareholders.

SET India's proposed IPO is also on hold, the source says. SET India CEO Kunal Dasgupta, however, refused to comment on the issue. The company has long been weighing the option of going for an IPO.

According to the source, Dasgupta had made a presentation to Sony Pictures Entertainment (SPE) chairman and CEO Michael Lynton a few months ago on SET India's growth prospects. In his presentation, he had listed an IPO as one of SET India's plans. "SPE's new CEO had called for presentations from its different entities. A few months back, Dasgupta earmarked SET India's growth plans as including an IPO," says the source.

SET India plans to acquire SET Singapore and consolidate operations before going in for an IPO. SET Singapore has invested in acquisition of television serials and Hindi feature films, besides ICC telecast rights for India and other parts of Asia till 2007, including two World Cup tournaments. In its FIPB application, Sony had said: "All major investments of SET Singapore are now close to maturity and are likely to become profitable in the near future. The benefits of these investments would accrue to SET India in the coming years through the process of consolidation. This will increase SET India's valuation."

The consolidation process, according to the source, will start only when SET India is more definite on when it is going to launch its IPO.

Latest Reads
World television premiere of Maragadha Naanayam on Zee Tamil

Zee Tamil announced the world television premiere of critically acclaimed Maragadha Naanayam – the fantasy-comedy-thriller film that features Aadhi Pinisetty and Nikki Galrani on Sunday, 17 December at 4:00 PM only on Zee Tamil. Written and directed by ARK Saravan, the movie is a perfect blend of...

Television TV Channels Regional
Republic TV to track real-time data for Gujarat elections

MUMBAI: Republic TV has partnered data-science company Gramener to track real-time data, along with analysis, during the Gujarat elections. According to a release sent by Republic TV, “Gramener will help enhance the visual look both on-air and on Republic’s digital platforms to present the data in...

Television TV Channels News Broadcasting
Nakul Chopra is new BARC chairman

MUMBAI: Nakul Chopra, currently president of Advertising Agencies Association of India (AAAI) and senior advisor of Publicis Communications, has been elected as the next chairman of BARC India. Chopra succeeds Viacom18 group CEO Sudhanshu Vats, who has completed his one-year tenure as chairman.

Television TV Channels Viewership
Nitin Kukreja joins iQuest

Former Star India sports head Nitin Kukreja has joined iQuest Enterprises as its chief executive officer. Kukreja had left Star in March this year. IQuest is an enterprise of Nimmagadda Prasad, the former owner of the Maa TV group, who has multiple business interests ranging from infrastructure to...

Television TV Channels Sports
Sun TV's unassailable lead continues, while Zee TV leads Hindi across genre

BENGALURU: The Sun network's flagship Tamil general entertainment channel (GEC) Sun TV continued its lead in ratings across all GECs on Indian television for week 48 of 2017 (25 November to 1 December 2017) according to Broadcast Audience Research Council (BARC) weekly ratings data

Television TV Channels GECs
Republic TV, BTVI join hands for budget coverage

MUMBAI: Republic TV, spearheaded by Arnab Goswami, and Business Television India (BTVI) have entered into an alliance for content and programming around Union Budget 2018. The Republic TV- BTVI alliance promises to offer viewers a distinctive experience.

Television TV Channels News Broadcasting
Mairu Gupta and the art of building the NBA in India

MUMBAI: For basketball fans worldwide, the US National Basketball Association (NBA) represents the mecca of the sport. But in India, the NBA has had its task cut out, what with cricket presenting a near impenetrable line of defence.

Television TV Channels Sports
CNN-News18 'Indian of the year' 2017 special Telecast on 9 and 10 December

MUMBAI: The awards night of the annual and flagship initiative of CNN-News18, ‘Indian of the Year – 2017’ will be telecasted on the 9 and 10 of December at 9:30 PM on the channel. The initiative, whichrecognizes and awards the exceptional contribution and achievements of the iconic Indian citizens...

Television TV Channels News Broadcasting
Music channels bet on shows to boost viewership

MUMBAI: Seems like music channels are playing second fiddle to online music platforms when it comes to playing tracks. In an attempt to grab more eyeballs, pure-play music channels on television are moving away from the music content and focusing more on the youth-centric shows.

Television TV Channels Music and Youth

Latest News

Load More

Sign up for our Newsletter

subscribe for latest stories