The Indian promoters of Sony Entertainment Television, who have a combined 32 per cent stake, are in talks with hedge funds to divest their stake.

Sources close to the development said the promoters were looking at selling off their stake to a clutch of investors after their abortive attempt to sell the entire stake to one investor.

Rakesh Agarwal, a Singapore-based banker and one of the seven promoters, told Business Standard that it was too premature to comment on this. “We will make an official announcement if anything happens on this front,” he said.

Another promoter, on condition of anonymity, said talks were on with hedge funds as the promoters were aggressively looking at selling off their stake.

“The restlessness to sell their stake is because Sony Entertainment Television is not looking at entering the capital market in the near future,” an industry source said.

Apparently, the promoters expect to realise $320 million from the stake sale, which puts the valuation of the company at $1billion.

The current holding structure of Sony Entertainment has seven Indian promoters including the Singapore-based banker Agarwal, Shemaroo Films Managing Director Raman Maroo, World Media Group Director Sudesh Iyer and actor Jackie Shroff.

Besides, Sony Pictures holds 61 per cent stake. The remaining shares are held by institutions.

(www.business-standard.com)