IMedia to invest $10 mn in Compact Disc, eyeing 15% stake

IMedia to invest $10 mn in Compact Disc, eyeing 15% stake
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First Published: Tue, Sep 30 2008. 06 18 PM IST
Updated: Tue, Sep 30 2008. 06 18 PM IST
PTI
Mumbai: Integrated media and entertainment company Compact Disc India (CDI) today said content developer iMedia Ventures will invest $10 million in the company and is interested to pick up 15% stake in it.
In a filing to the Bombay Stock Exchange, CDI said iMedia Ventures has offered to invest $10 million (about Rs47 crore) in the company’s expansion projects.
Further, iMedia Ventures have also shown interest in buying 15% equity in CDI. These offers would be considered in the next meeting of the board of directors to be held during the third week of October, the filing added.
Shares of Compact Disc were trading at Rs44.50, down 8.72% in the late afternoon trade on the BSE.
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First Published: Tue, Sep 30 2008. 06 18 PM IST