Viacom18 subsidiary to buy Indian Film Co.
Network18's film arm to delist from AIMNEW DELHI -- The Indian Film Company will be acquired by joint venture Viacom 18 Media Private Ltd.'s Cyprus-based subsidiary Roptonal Ltd., confirming earlier reports of Viacom18's offer.
TIFC is the film distribution and production arm of diversified broadcasting group Network18 Media & Investments which, together with its affiliates, owns 80.4% of TIFC's voting rights.
Network18's subsidiary IBN18 is Viacom Inc.'s equal partner in broadcasting joint venture Viacom18 which runs various channels including MTV India, Hindi entertainment channel Colors and news channel CNN-IBN.
In a filing to the Bombay Stock Exchange, Network18 said it had accepted Viacom 18's offer to acquire TIFC at a price of 115.56 pence per share. This price is considerably higher than the 40 pence per share offered last September by Network 18 for TIFC.
Founded as a specialist film investment entity, TIFC was listed on London's Alternative Investment Market (AIM) in June 2007 where it raised $83.4 million to fund its portfolio of films which included recent Indian arthouse release “Road, Movie” and British director Gurinder Chadha's latest “It's A Wonderful Afterlife." TIFC's earlier releases included Bollywood hits such as “Ghajini," “Singh Is Kinng” and “Jab We Met."
Following the takeover by Viacom18, TIFC will be de-listed from AIM.