Liquidity Events
Teleport operator Planetcast Media’s promoters to buyback AION Capital's stake for Rs.600-Cr
AION Capital's stake in Delhi-based teleport operator Planetcast Media is to be acquired by Arugn Technologies, a special purpose vehicle of Planetcast promoters Lallit Jain and Mahendra Nath Vyas.The acquisition will be financed through INR 600 crore in non-convertible debentures (NCDs) that will be transferred to Planetcast Media's balance sheet upon the completion of the merger. Planetcast Media, incorporated in 1996, provides uplinking and playout services to broadcasters in India. AION Capital, backed by Apollo Global, initially had acquired 90.2% in Planetcast, which translated into an effective 84.4% stake after LM Media merged with Planetcast.Following the latest deal, the company plans to increase capital expenditure, focusing on digital streaming, cloud-based playout and post-production services, and an AI-based media cloud global capability center.
In Mar 2017, AION Capital Partners bought a majority stake in PlanetCast Media Services, promoted by the Essel-Shyam Group, for USD 80 M.For FY25, PlanetCast Media Services has reported about INR 505 Cr in Operating Income and about INR 65 Cr in PAT.
Want to receive such news items in your inbox? Click Here to sign up for a trial.
