MUMBAI: The Prannoy Roy-promoted news network NDTV, has entered into an agreement with Standard Chartered Private Equity Limited (SCPEL) for the infusion of approximately $11 million into NDTV.
The agreements are subject to regulatory approvals and other closing conditions. There were no details available as to how much stake SCPEL will have in NDTV once the deal is completed.
Standard Chartered Private Equity Limited is the global private equity arm of Standard Chartered Bank, based in Singapore. SCPEL invests in companies in a variety of industries across Asia.
Lazard India acted as advisor to NDTV for the transaction and Udayan Bose, chairman Lazard India said, "After this transaction, NDTV is looking at an accelerated growth through expansions and acquisitions."
The foreign equity component in New Delhi Television Ltd (NDTV) currently stands at 16.47 per cent, made by among others, Goldman Sachs, in the early to mid-nineties. It comprises foreign institutional investment (FII).
Attempts to contact Dr Roy as regards how much stake had been offloaded in the transaction proved unsuccessful.