IFC raises $109 million

Company floats in London

HONG KONG — Startup shingle The Indian Film Company has raised £55 million ($109 million) from its flotation on the Alternative Investment Market section of the London Stock Exchange (Variety, May 2, 2007.)

The company’s investment banker Elara Capital Tuesday announced that it had closed the fund raising exercise and that shares in the new firm will begin trading on June 18.

IFC is backed to the tune of $10 million by Studio 18, the movies offshoot of the Network 18 media conglom that last month unveiled a major alliance with Viacom to form Viacom 18. (Variety, May 24, 2007.) Viacom and Network 18 will also take joint control of Studio 18.

New cash will largely be used for production of a slate of Bollywood movies.

Other Indian film groups are also using the London market. Eros Intl. last year listed on AIM and UTV is in the process of floating its movie division.

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