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Promoters, iMedia Ventures offer to buy 40% in Compact Disc

Indiantelevision.com Team

(1 June 2009 8:50 pm)

MUMBAI: Compact Disc India Ltd (CDI) said Monday its promoters and iMedia Ventures are interested to acquire up to 40 per cent stake in the company.

CDI promoters plan to up their stake through their investment arm Seengal Capital Advisors.

“We, through our investment company Seengal Capital Advisors, and iMedia Ventures, are announcing an open offer to pick up stake not exceeding 40 per cent,” says Compact Disc chairman Suresh Kumar. iMedia Ventures is a US-based digital media company.

“The price band, number of shares, merchant banker and other information will be fixed in a week’s time,” Kumar tells Indiantelevision.com.

As per 31 March 2009, the promoter holding in CDI, which is involved in producing, distributing and financing films and television serials including animation, is 20.01 per cent.

Shares of CDI surged 9.98 per cent on Monday to end at Rs 58.40 on the BSE.