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IDBI invests Rs 20 cr in Broadcast Worldwide
Sibabrata Das
Mumbai : Industrial Development Bank of India (IDBI) has taken a Rs 20 crore exposure in the Rathikant Basu-promoted Broadcast Worldwide. While the financial institution has invested Rs 5 crore for around 3-5 per cent equity stake in the company, Rs 15 crore has been lent as debt. Broadcast Worldwide runs the Tara group of language channels. "We have got financing from IDBI. Broadcast Worldwide has diluted around 3-5 per cent equity stake," said Ambit managing director Ashok Wadhwa. Ambit has structured the deal for the media company. Broadcast Worldwide is trying to raise another Rs 20 crore from the market as its IPO is delayed. The funds will be to meet the marketing, programming and capital investment needs of the company. "Broadcast Worldwide will go for an IPO after 9-18 months, depending on the market situation," said Mr Wadhwa. Broadcast Worldwide had UTI and Sterling Infotech as investors in the first round of funding. UTI, in fact, has invested in the company in two tranches. Copyright © 2001 Indian Express Newspapers (Bombay) Ltd.
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