Did not pay premium for 20% stake in Sun Direct: Malaysian firm to CBI
Thomas K Thomas
New Delhi, Oct. 16:
Malaysia’s media and entertainment company Astro All Asia Networks Ltd has told the Central Bureau of Investigation that it paid a lower value to buy a stake in Sun Direct TV Pvt Ltd compared with the valuation arrived at by investment banker JP Morgan.
In a letter to CBI Director Ranjeet Sinha, sent on September 25, Astro said while JP Morgan had set the value of Sun Direct in 2007 in the range of Rs 2,610-3,380 crore, Astro paid Rs 549 crore for a 20 per cent stake in Sun Direct, pegging the enterprise value at Rs 2,196 crore.http://www.thehindubusinessline.com/comp...?css=print