MUMBAI: Elara Capital Plc, London has raised GBP (Great Britain Pound) 55 million for Network18 Group’s The Indian Film Company Limited (IFC).

The IFC will list on the Alternative Investment Market (AIM) of London Stock Exchange (LSE) on 18 June 2007. The Indian advisors to the transaction were Access Financial Services.

The Indian Film Company will engage in production, distribution and owning IPR (intellectual property rights) of Indian films.

TV 18 Group chairman Raghav Bahl said, “Elara has successfully completed raising funds for the IFC and will be listing the same on the AIM Market on 18 June. This is the first overseas listing for the Network 18 Group and we are excited to be in a position where we can invest substantial capital in this growing and lucrative business of film production.”

“We are thrilled to close this transaction for the Network 18 Group. The Group has a track record of creating shareholder value in their Indian listed entities and we are hopeful that the global investors in IFC will generate good returns on their investments. This will enable a greater appetite for Indian stocks among international fund managers,” said Elara Capital CEO Raj Bhatt.

The Alternative Investment Market (AIM) listing is an attractive proposition for Indian companies seeking to access foreign capital. In the last year eleven Indian or India‐focused companies have raised over £1 billion on AIM and, it is expected that more than 20 Indian companies will float on London’s junior exchange in 2007, jointly generating £2.5 billion.

Elara Capital head of the capital markets Ajay Pandey said, “The Indian affair with the AIM can be traced to a few inherent advantages. The lower entry barrier, simple listing procedures and the perception of greater liquidity has made AIM an attractive destination for a lot of companies. We are starting to see a few Indian mid‐market companies looking at AIM market. We understand the  dynamics of the AIM market and the Indian business environment in general and are well positioned to serve the demand.”