The company's board met here on Friday and approved the issue of 3.5 million shares of Pentamedia to these companies at a price of Rs 500, which works out to Rs 175 crore. Further details about the size of the individual deals and cash compenent are not available.

The fresh issue of shares would result in dilution of the current equity share capital by about 8.8 per cent. The current equity of the company stands at Rs 39.34 crore, as on September 31, 2000.

Kris Srikkant Sports and Entertainment has been promoted by Kris Srikkanth, the former India cricket captain and specialises in cricket-related content and has a web presence. Srikkant had earlier joined Num TV, a division of Pentamedia, which is being spun off as a separate company, as its sports consultant. Media Dreams Ltd is a media production outfit. It has undertaken production for the large screen also, besides producing other content.

The Hotel Whales acquisition is with regards to the entertainment park, Mayajaal, which is being developed by Pentamedia in the outskirts of Chennai.

The company's chairman and chief executive officer V Chandrasekaran had told shareholders that Pentamedia plans to acquire 10 companies for a consideration of $100 million during an extra-ordinary general meeting held recently. These acquisitions were expected to be completed during this fiscal. About four of the proposed acquisition companies are in India and the rest overseas. The shareholders had also approved the issue of 60 lakh shares on a prefential basis, the base price for which was Rs 490, as per Sebi guidelines.

It may be recalled that Pentamedia had recently picked up a 51 per cent in the Nasdaq-listed Film Roman, USA, for a sum of $15 million.

The company has also an enabling resolution from shareholders to raise $250 million through an equity issue in overseas market, with a greenshoe option of 15 per cent. It has also obtained shareholders approval to spin off Num TV, its Internet broadcasting venture into a separate company. The company shares, along with the rest of the technology sector came under tremedous selling pressure on Friday, and its closed at Rs 299.70 on the Bombay Stock Exchange. About 53.57 lakh shares were traded.