The exit of iLabs from Associated Broadcasting Company Ltd (ABCL) that owns the TV9 media house is likely any time before March 31, according to its founder, Mr Srini Raju.
Speaking to newspersons on the sidelines of a function to mark the 10th anniversary of the Indian School of Business here on Sunday, Mr Raju said about a half a dozen companies have shown interest. “All of them have connections with media. I signed an agreement with bankers. So they are holding discussions with banks. The deal may happen even next month.''
Mr Raju, who is also the Managing Director of Peepul Capital Advisors Private Ltd, has invested nearly Rs 100 crore in ABCL along with others.
The returns could be to the tune of three to four times the initial investment, he added.
iLabs and other investors hold 80 per cent of the stake in ABCL, while Mr Ravi Prakash, CEO of TV9 and other members of the management team have 20 per cent stake.
ABCL currently operates seven regional channels, two in Telugu, one in Kannada and one in English for Karnataka, and one each for Gujarat and Maharashtra.
The venture capitalist said his firm is in the process of investing Rs 80 crore in a Bangalore-based healthcare/diagnostics firm.