Indya.com valuation takes massive hit

Our eFE Bureau

Mumbai, Aug 14: The valuation of horizontal portal Indya.com appears to have crashed by a cool Rs 543 crore since last year when STAR bought 33% of the company at $50 million.

According to a recent press release from another investor UTI, which held 1.78% of the Indya.com, the mutual fund sold its shares at Rs 7.54 per share. This shows that while STAR picked up each share at Rs 79.38 last year, taking Indya.com’s valuation to Rs 709 crore, UTI sold the same company’s shares a few days ago at Rs 7.54, pegging the company’s current valuation at Rs 66.35 crore.

Unit Trust of India (UTI) has exited from the portal Indya.com where it held 1.78% of the company’s equity.

In a press release issued by the company, UTI states that it has sold 15,81,032 equity shares of Re one each (1.78% of Indya.com’s equity capital) on 9th August 2001 at Rs 7.54 per share.

Indya.com was recently acquired by media major STAR TV. STAR now holds 98% in Indya.com while the remaining is held by some individual investors according to an Indya.com spokesperson.