Rupert Murdoch-controlled News Corp will have its first public float in India. Asianet Communications Ltd, in which Star India holds around 86 per cent stake, will tap the IPO market.
Star India has agreed with its Asianet minority partner and former telecom czar Rajeev Chandrasekhar to list the South Indian media company. This will house the Malayalam group of television channels, Tamil general entertainment channel Vijay TV and Kannada GEC Suvarna.
“We have mutually agreed to do an initial public offering (IPO) in Asianet. We will wait for the market conditions to improve to tap the market,” Star India chief executive officer Uday Shankar tells in an interview.
When Star bought out majority stake in ACL, Chandrasekhar wanted an exit option either through put (seller can get out by offering its stake for a buyback at an agreed price) or an IPO. The option period has lapsed and Star could have taken the other course of having Chandrasekhar as a normal shareholder.
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Star India has agreed with its Asianet minority partner and former telecom czar Rajeev Chandrasekhar to list the South Indian media company. This will house the Malayalam group of television channels, Tamil general entertainment channel Vijay TV and Kannada GEC Suvarna.
“We have mutually agreed to do an initial public offering (IPO) in Asianet. We will wait for the market conditions to improve to tap the market,” Star India chief executive officer Uday Shankar tells in an interview.
When Star bought out majority stake in ACL, Chandrasekhar wanted an exit option either through put (seller can get out by offering its stake for a buyback at an agreed price) or an IPO. The option period has lapsed and Star could have taken the other course of having Chandrasekhar as a normal shareholder.
Read More . . . .