Pentamedia to spin off Numtv

MUMBAI: Indian entertainment software firm Pentamedia Graphics Ltd. plans to

spin off its Internet broadcast venture Numtv.com into a separate entity. It

will seek shareholders approval for the move on December 15.

The broadcast unit which started operations a year ago is mainly aimed at

overseas Indians.

"We believe that the Numtv division will receive greater focus and enjoy

accelerated growth if the operations are separated," the firm said in a

notice to shareholders.

"Further, there are some strategic investors overseas wanting to invest

in the operations of Numtv which is possible if it is incorporated as a separate

entity," it said.

Overseas acquisitions



Pentamedia said it was also exploring acquisitions of digital assets and
businesses of at least 10 overseas companies.

It recently signed up to acquire a majority stake in the US-based Film Roman.

To fund its growth plans, Pentamedia will seek shareholder approval at the

extraordinary general meeting for issuing securities by way of American

Depositary Receipts (ADRs) or Global Depositary Receipts (GDRs) up to $250

million with a greenshoe option of 15 per cent.

The company had sought shareholder approval for the issue of ADRs/GDRs in

May, but is seeking it again since it had not acted upon the earlier approval.

Pentamedia Graphics shares ended Rs 4.45 higher at Rs 350.50 at the Bombay

exchange on Thursday, while the benchmark Bombay exchange index closed 0.26 per

cent down at 3,852.40.

(C) Reuters Limited 2000.