Singapore-based Nalanda Capital has picked up a stake in Kalanidhi Maran's Sun TV Network Ltd for a little more than Rs 100 crores. Nalanda India Fund has acquired the stake via an open market bulk deal on the Bombay Stock Exchange from Indiabulls Financial Services.

A 1.78% stake has been picked up for Rs 101.5 crore in Sun TV, which claims to be India's second largest television network. The stake was picked up for Rs 145 per share. The stake picked up might have gone upto 2.6%, which would take the deal size to more than Rs 150 crore.

However this cannot be confirmed.

Sun TV has a wide media empire with twenty TV channels, forty three FM radio stations, two daily newspapers and four magazines. Sun also has a presence in cable TV and movie production. The deal comes after Marans ended their feud with DMK party chief and Tamil Nadu Chief

Minister M Karunanidhi earlier this month.

The fued started last year when Kalanidhi Maran's news paper carried out a survey on  Karunanidhi sons which did not find favor with the latter. This led to the families severing ties and DMK starting its own media network Kalainagar TV. It also led Dayanidhi Maran, Kalanidhi's brother, losing his his post as union minister for communications and Information Technology. Kalanidhi and Dayanidhi Maran are also grandnephews of Karunanidhi.

Sun TV has also been in news as its subsidiary Sun Pictures has announced production of southern superstar Rajinikanth's mega budget Shankar extravaganza Endhiran. The movie's budget is touted to be at Rs 165 crore, making it India's biggest movie.

Nalanda Capital has $400 million fund with a mandate to invest in listed Indian companies only. The fund is headed by Pulak Prasad, who was managing director with Warburg Pincus in India earlier, and went on to set up his own fund couple of years ago. It has picked up stakes

in more than half a dozen listed companies such as Mastek, Triveni Engineering, Page Industries etc.

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