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Monday, March 22, 2010

Sahara may go in for an IPO to fund Pune franchise

Sahara Group was the highest bidder at USD 370 million to bag Pune and Rendezvous Sports bid USD 333.33 million to get Kochi as the two new franchisees to make the Indian Premier League (IPL) a 10-team affair from the 2011 season. The Sahara Group had the option of choosing from Ahmedabad, Nagpur and Pune as their home, but the corporate from Lucknow picked Pune as its host city.

Commenting on the same, Subrata Roy, Managing Worker and Chairman, Sahara India Pariwar, said the company is in talks with two banks on funding the Pune franchise. "We have been approached by UK-based clubs, Indian companies for partnerships. We can also go in for an initial public offer if bank funding or partnerships do not work out."

Roy said it is difficult to talk about team composition at this stage.

He is awaiting nod from the Securities and Exchange Board of India (SEBI) for Sahara City's initial public offering. "We are definitely going ahead with the IPO. The timing is yet to be decided. We plan to raise Rs 3,000 crore from the Sahara City IPO."

Roy is open to offloading stake in Aamby valley. "We have been approached by companies from West Asia, US."

Speaking on the court case with Jet Airways, he said Sahara wants to settle this dispute out of court and have sent the former a proposal to the same.

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