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ICICI Venture Sells 7.6% In Infomedia 18

By TEAM VCC

  • 05 Jul 2011

A private equity fund, managed by ICICI Venture Funds Management Company Ltd, has sold around 7.6 per cent stake in Infomedia 18 Ltd, a printing and publishing company which is a part of the TV18 Group. The shares were sold by India Advantage Fund II on the BSE for Rs 5.36

crore(~$1.2 million).

The transaction was at Rs 14.06 per share on July 4, when the stock rose to end the day at Rs 15.95. The scrip price remained unchanged on Tuesday.

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In May this year, ICICI Venture was allotted 8.88 per cent stake in Infomedia 18 pursuant to the merger of the PE firm’s unit I-Ven Interactive Ltd. The shares were held in a trust post-merger, which was completed in 2009, and were released only in May.

ICICI Venture had acquired Infomedia 18 (then Tata Infomedia) in 2003 from the Tata Group in a leveraged buyout (LBO) and sold it to TV18 Group in 2007. ICICI Venture had sold 40 per cent stake in Infomedia 18 at a valuation of Rs 445 crore.

Last year, Infomedia 18 had sold Glyph International, its publishing content services business, to US-based Cenveo Inc.

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