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Videocon D2H sells 33.5% stake to Silver Eagle Acquisition Corp for $300m

U.S.-based Silver Eagle Acquisition Corp (SEAC) has invested $33 million for a 33.5% stake in India's Videocon d2h, the direct-to-home TV service provider of the Videocon Group. The Economic Times says that the company was valued at $900 million and with its debt of Rs 2000 crore, it could reach a valuation of $1.2 billion. Following the completion of this deal, Videocon d2h intends to apply for a listing on Nasdaq under the ticker VDTH and the shares will be represented by American Depositary Shares (ADSs) which will be distributed directly to Silver Eagle's stockholders. The Economic Times added that the proceeds of the deal will be used for reducing debt and expanding operations in India that will undergo the third and fourth phases of cable television digitisation by 2016-end. Harry Sloan and Jeff Sagansky, Silver Eagle's chairman and chief Executive and president, respectively, are expected to join the board of directors of Videocon d2h. Earlier in October 2014, Videocon d2h re-filed for an IPO in India and is looking to raise Rs 700 crore. The starting price or the number of shares being offered is yet to be disclosed and seven banks including Axis Capital, Edelweiss, ICICI Securities, IDBI Capital, UBS, SBI Capital Markets and Yes Bank have been appointed as joint book runners. In the filing, Videocon d2h also notes that it is looking to raise up to Rs 50 crore through a pre-IPO placement of up to 5 million shares (5,000,000 equity shares) with a face value of Rs 10 each.…

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