Hungama suspends private equity plans

MUMBAI: Hungama TV has defered its plans for private placement of equity as it has substantially closed its funding requirements of Rs 622 million.

Hungama TV has put together Rs 520 million through equity and debt. UTV has already invested Rs 100 million from the proceeds of the stake sale in Vijay TV to Star Group in August 2004 and is expected to invest another Rs 100 million from its initial public offering (IPO). UTV's investment of Rs 200 million is bifurcated between investment into equity and convertible preferential shares.

Promoter Ronnie Screwvala is investing Rs 98.5 million, representing his share of equity participation in Hungama TV. His holding in the kids channel is 51 per cent while 49 per cent is with UTV, a company of which he is the founder-promoter.

Hungama TV has got approval for a fresh debt of Rs 120 million, in addition to Rs 100 million raised from UTI Bank. With this, Hungama TV has tied up a funding of Rs 520 million.

There is, thus, no need in the near future to find an equity investor. The mandate to Lazard for the private placement has expired and no fresh arrangement has been struck to revive talks with private equity investors.

"Since the funding requirement is substantially closed, we have deferred our efforts on inviting private equity in Hungama TV. The earlier mandate given to Lazard is not pursued by us anymore. We will at the appropriate time start the process of inviting private equity investment, depending on the future requirements of Hungama TV," informs D'Mello.

Screwvala had earlier stated that a part of the equity stake in the kids channel would be offered to investors through a private placement. But after the sale of Vijay TV and with plans to float an IPO in February, Screwvala has decided to wait for Hungama TV to mature before diluting stake in the channel. The kids channel was launched in September 2004.

Latest Reads
Big Trunk Communications bags digital mandate of Discovery Kids channel in India

Big Trunk Communications, a Mumbai-based full-fledged creative digital agency, has acquired digital duties for Discovery Kids channel in India.The business was won as part of a pitch against leading digital agencies.

Television TV Channels Kids
Zee Tamil strengthens its weekend programming

MUMBAI: Zee Tamil, the tamil general entertainment channel of ZEEL, recently announced its decision to spruce up its fiction bands for weekends.

Television TV Channels Regional
Times Television Network elevates Nivedita Oak to DGM

Times Television Network (TTN) has elevated Nivedita Oak to deputy general manager - influence. Earlier, Oak was the regional head for Zoom, FCT and branded content. She has been working with the Times Network for the last 11 years.

Television TV Channels People
History TV18 to release third film in ‘Special Operations India' series

History TV18, a pan-Indian television channel, is to create a documentary on counter-terrorist operation at Pathankot air base named Special Operations India: Pathankot. This one-hour documentary will be aired on June 25 at 9 pm.

Television TV Channels Factual & Documentary
CNBC-TV18 successfully concludes the 8th edition of the ‘India Healthcare and Wellness Awards 2018’

NBC-TV18, India’s leading English business news channel along with ICICI Lombard hosted the 8th edition of the ‘Indian Healthcare and Wellness Awards 2018’ at The Grand Hyatt, Mumbai.

Television TV Channels News Broadcasting
MN+ to air Indian Television premier of ‘Tulip Fever’

MN+, the Gold Class of Hollywood Movies from the Times Network, brings to the viewers, for the first time on Indian television, the celebrated romantic historical saga– ‘Tulip Fever’. The movie will premiere on Sunday, 24th June at 1 pm and 9pm on MN+.

Television TV Channels English Entertainment
Sony Music acquires the music rights for 2018’s much awaited sports drama film ‘SOORMA’

Global music giant, Sony Music has acquired the music rights for Soorma – the greatest comeback story of the hockey legend Sandeep Singh.

Television TV Channels Music and Youth
Epic and Rupa publications announce the umeed india book on the occasion of international olympic day

EPIC TV - India’s only Hindi language, Indian Infotainment channel celebrates International Olympic Day with an exclusive unveiling of the first look of the Umeed India book published by Rupa Publications and based on its popular series, of the same name hosted by ace cricketer Virender Sehwag.

Television TV Channels Factual & Documentary
Iconic series Blue Planet II set for Indian TV premiere on Sony BBC Earth after a successful theatrical run

All eyes on TV as India’s #1 factual entertainment channel, Sony BBC Earth, premieres the world-renowned, path breaking and breath-taking series Blue Planet II for the Indian audience on June 25th at 9 pm.

Television TV Channels News Broadcasting

Latest News

Load More

Sign up for our Newsletter

subscribe for latest stories