In a true Antilla style pronouncement  in the tradition of all things shadow banking, TV18 has actually agreed to pick up the Reliance EEnadu stake to save the Ambani brother from future losses in the business. The vile secret is that TV18 will issue two concurrent rights offers to finance the $660 mln purchase of Eenadu's Reliance/JM stakes while the rights offers of $1.05 bln would not address promoter Raghav Bahl's stake bringing it to a round $660 mln for the purchase. Once investors have been satisfied, Reliance will pick up the unsubscribed rights to make TV18 full up on the cash required for the Eenadu stake purchase

The controversy has seemingly moved on to the structure of the securities on offer as Optionally convertible debt  the option strikes being unknown as the marktt is on heightened watch for clauses allowing misuse of public financial markets and investment Bnaking structures though not lacking in obfuscation definitely lack the sophistication of being properly dressed up fully as Indian investors ( and Reliance ) look to transparent means to flouting regulations without blowback from the government or SEBI.

Posted via email from The India Investment Post