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MUMBAI: Chandigarh-based Compact Disc India (CDI) is setting up an animation studio
in Vietnam and is raising $10 million debt from Los Angeles-based iMedia Ventures
for this purpose. In
a separate deal, CDI will also be diluting 15 per cent to iMedia Ventures through
a preferential allotment. "We
are setting up a subsidiary company in Vietnam which is emerging as the fastest
market in Asia in terms of costing and marketing. We are also offloading 15 per
cent to iMedia Ventures in the Indian outfit. We are negotiating the price and
are looking at Rs 140-150 per share," says Compact Disc chairman Suresh Kumar. The
animation company in Vietnam will be making an international movie based on Chinese
characters. "We have approved the terms of the debt offered by iMedia Ventures.
We will be borrowing at 175 basis points above Libor over a seven-year period,"
adds Kumar. | 
