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Kubera sells Planetcast Media

Kubera Cross-Border Fund says that its subsidiary, Kubera Cross-Border Fund (Mauritius) Limited, has entered into a binding sale and purchase agreement to dispose of its entire equity interest in Planetcast Media Services Ltd.

Entities managed by a leading global private equity firm have agreed to purchase the Company’s interest in Planetcast for a consideration net of transaction costs estimated at INR 1,475 million, equivalent to approximately USD 22.5 million at current exchange rates. The estimated sale consideration is equivalent to 41.9 per cent. of Kubera’s net asset value presented in the unaudited interim financial statements as at 30 June 2016.  At 30 June 2016, the carrying value of the investment in the company’s financial statements was USD 27.3 million.

Completion of the transaction is subject to obtaining regulatory approvals from various Government authorities in India, which is not expected to occur for several months. Completion of the transaction is subject to a long stop date of 15 September 2017.

In accordance with the investment policy, following completion of the deal, the Board intends to announce the distribution to shareholders of all cash not required to meet operating costs.

KUBC : Kubera sells Planetcast Media

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