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Ybrant To Sell 2.29% Stake To Experian For Rs 110 Cr; Raising Rs 100 Cr More

Hyderabad based Ybrant Digital is raising Rs 210 crore for business expansion (organic and inorganic) – Rs 110 crore of which is being raised from Experian, and Rs 100 crore in openly convertible loans from ICICI Bank and Credit Suisse. As per a filing with the Bombay Stock Exchange, Ybrant will allot:

– 11,167,512 shares of face value Rs 2 each, for an amount not exceeding Rs 110 crore at a price of Rs 98.5 per share, from Experian Finance Plc, with the full amount being paid up-front. Experian will hold 2.29% shares post the allotment. Post the issue of preference shares, Indian promoters will hold 45.43% in the company, as compared with 46.5% prior to the allotment. Foreign promoters will hold 12.76%, down from 13.06% and FII’s will own 37.53%, down from 38.4%

– Openly convertible loans, the equivalent of 10,152,284 equity shares of value Rs 2 each, and amount not exceeded Rs 100 crore, at Rs 98.5 per share from ICICI Bank Ltd (Rs 75 crore for 7,614,213 shares and Rs 25 crore from Credit Suisse AG for 2,538,071 shares) in openly convertible shares. In case ICICI Bank and Credit Suisse convert their holdings, they will hold 1.53% and 0.51% respectively, and the promoter group shareholding will reduce to 57.01%, of which 44.51% will be held by Indian promoters, and 12.5% by foreign promoters.

A few things to note here:

– The average closing price for Ybrant Digital’s shares, in the last 26 weeks and 2 weeks preceding 21st July 2012  is Rs 98.43 and Rs 91.88. At the time of filing this report, Ybrant Digital’s share price is Rs 79.8.
– ICICI Bank had earlier invested in Ybrant in 2010, as a part of a $48 million financing, in debt and equity, wherein it raised money from ICICI Bank, Oak India Investments and Asia Pacific Capital.
– Ybrant had acquired a few properties – PriceGrabberLowerMyBills, and ClassesUSA.com – from Experian for $175 million. This was prior to Ybrant’s acquisition of BSE listed LS Global, which it renamed Ybrant Digital. According to the terms of the deal for the three properties, $100 million was being paid in cash and the rest was a $75 million “loan note”. $75 million is around Rs 416 crore, so this fund raising from Experian, ICICI Bank and Credit Suisse clearly doesn’t even cover the loan part of the acquisition of the three properties from Experian.

Buying Spree

So is Ybrant planning to buy more properties? They’ve certainly been on a spree of sorts: Before buying the three properties from Experian and the LS Global buy, they’ve made the following acquisitions: in 2010, it acquired Lycos for $36 million in an all cash deal. Over the past few years, Ybrant has acquired Australian ad network company Max Interactive, Israeli ad firm Oridian ($13.5 million), US-based DW Net Ventures LLC / MediosOne ($4 million), Serbia-based Seenetix for its flagship bulk emailing product VoloMP ($2.2 million) and US- based Pennyweb Inc ($10 million) and Argentina based ad network DreamAd.

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