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Cellcast PLC Plans To Exit Cellcast India

UK based Cellcast PLC intends to offload its entire investment in Cellcast India, in return for a partial settlement of the money due under its IP licensing agreement. The group stated last month (we missed it then) that this decision was made by the company's board, and that they no longer have any interest in operating CAH or Cellcast India. Cellcast India operates TV shows like Bid2Win, astrology, Tambola among others, in India, which monetize largely through premium messages. Cellcast PLC currently has 12% stake in Cellcast India. It had offloaded its majority stake in Cellcast Asia Holdings (CAH) last year and had inked an agreement with CAH (Cellcast Asia Holdings) to buy back 3,221,555 shares in CAH for US$1.5 million in October 2011. Cellcast Asia Holdings had also raised $9.5 million in a fresh round of funding from Vertex, a wholly-owned subsidiary of Temasek Holdings. Cellcast PLC noted that this decision was taken after a poor earning results during its first half year period ended June 30, 2012. While Cellcast India's revenues were not revealed, Cellcast PLC had reported a total revenue of £9.8 million (Rs 85.19 crore) for the half year ended June 30, 2012, registering a 13% decline rom £11.4 million (Rs 99.1 crore) in H1 2011. It had also reported a total loss of £119,000 (Rs 1.03 crore) for the half year period, as compared to a profit of £609,000 (Rs 5.29 crore) in H1 2011, which explains the need for an exit. Discussing its results, the group noted that Cellcast India's financial position had further worsened in the first half of 2012, due to TRAI's regulations which…

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