Tuesday, March 18, 2008

Osian`s sells 9.4% stake to PE firm

Osian’s Connoisseurs of Art will sell 9.4 per cent stake to Abraaj Capital, Dubai-based PE firm, for Rs 80 crore. Arif Masood Naqvi, VCM & group CEO Abraaj, will join the Osian’s board.
The Neville Tuli founded unique private-sector art institution straddling various sectors of art, films and lately, sports.

Osian has an archive of visual and textual material which includes rare etchings, lithographs, maps of India, British Indian photography, popular art, cinema publicity material. Having acquired Minerva theatre in Mumbai in 2006, where it is building Osianama, a museum for cinema and the arts, the company has also ventured into film production.

Osian also has an art fund, floated in 2006, with a corpus of Rs 100 crore. The company is looking at a public listing in 2009.

Osian’s has 48 other stake holders besides Neville, with none holding more than 5 per cent. These include Shiv and Kiran Nadar, Sanjeev Khandelwal, Gautam Thapar, Kumarmangalam Birla, Kito de Boer, Kamal Morarka, Sangita Kathiwada, Jerry Rao, Priya Paul and Ashok Alexander, among others.
“Each has been buying from 2001 when shares started at Rs 30 and thereafter many placements every year at Rs 90, Rs 180, Rs 360, Rs 540, Rs 1,000, Rs 1,200 and Rs 1,600.”
As reported in Business Standard

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