MUMBAI: Deutsche Bank AG is planning to pick up 10.55 per cent stake in The Indian Film Company (TIFC), which is listed on London Stock Exchange’s Alternative Investment Market (AIM).
The bank and its subsidiaries are interested in 5.80 million equity shares in the company, which represents 10.55 per cent of the company’s issued share capital. If acquired, the transaction will be valued at £2.67 million at the price of 46 pence per share (as per the current share price of TIFC).
At the time of filing this report, The Indian Film Company’s investment adviser CEO Sandeep Bhargava was not available for comment.
An industry professional Businessofcinema.com spoke to said, "A lot can happen between showing interest in acquiring shares and their actual acquisition as there are many procedures involved. Hence it would be a bit premature to read too much into this development until these shares are acquired by Deutsche Bank AG."
Late last year, HSBC Investments (Singapore) upped its stake in the company to 9.10 per cent for £817,000.
While Television 18 chairman and managing director Raghav Bahl holds 21.64 per cent in the company, Elara Capital holds 10.97 per cent. Apart from these, Dundee Leeds Management holds 9.09 per cent in The Indian Film Company, Kelusa Master Fund holds 6.36 per cent; BlackRock Merrill Lynch Investment Mgrs holds 6.18 per cent, whereas Viacom Brand Solutions holds 4.55 per cent.
Bahl is a director and substantial shareholder of both Network 18 Fincap Limited and BK Media Mauritius Private Limited, which holds 10 million ordinary shares and 1.90 million ordinary shares in the company respectively.
The Indian Film Company raised £55 million on AIM through an initial public offering (IPO) last year.