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UTV May Sell Indiagames In A Promoter Led Buyout

Indiagames founder Vishal Gondal, alongwith Cisco and Adobe, is in talks with strategic investors to buy back the company from UTV Software, reports Business Standard, citing unnamed sources. MediaNama has been unable to independently confirm the development, but our sources also indicate that such a deal is in discussion, and that UTV would be willing to sell if they get $100 million (around Rs. 450 crore) for their stake. Business Standard reports the deal ranges between Rs 360 crore-Rs 450 crore. At the time of filing this report, we were unable to get a response on this deal from Gondal and Indiagames COO Samir Bangara. We're yet to receive a response from UTV Software as well. Need To Know: Indiagames - Valuation: UTV had bought 51% equity stake for Rs 68 crore in Indiagames in 2006, valuing the company at around Rs. 133.33 crore, and later increased its shareholding to 58%. At Rs. 450 crore, this deal for 58% would mean a valuation of Rs. 775.8 crore, an increase in valuation of 5.81 times, in a little over four years. - Shareholding: As of 31st March 2010, the shareholding in UTV Indiagames was as follows: Indian Promoters: 19.59% Private Corporate Bodies: 60.40% Employees: 5.38% - Financial Performance: Indiagames' business has been on the verge of profitability for a while: last quarter they reported an undisclosed profit, and a Rs. 1.5 crore loss during the previous quarter. In FY10, according to Indiagames' FY10 Annual Report (download here), the company reported operating revenues…

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Written By

Founder @ MediaNama. TED Fellow. Asia21 Fellow @ Asia Society. Co-founder SaveTheInternet.in and Internet Freedom Foundation. Advisory board @ CyberBRICS

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