Unistar Finalises Preferential Allotment Of Shares

Unistar Multimedia Ltd has finalised preferential allotment of 2.5 million shares of Rs 10 each at a premium of Rs 70 per share for acquiring the entire equity capital of Saral Vanijya Pvt Ltd, which owns Mumbai's Mohan Studios.

Unistar managing director Suresh Bafna said: "Under another stock swap deal, Unistar is also offering an equal number of shares on identical terms in consideration for the acquisition of 100 per cent equity shares of Keemti Infotech Pvt Ltd, also of Mumbai. The above deals would double the equity capital of Unistar to Rs 10 crore by March 31."

In this Rs 10 crore share capital, the current promoters of Unistar, as well as promoters of Keemti and Saral, would each have a 26 per cent stake after the swap deals, and the rest would be held by the public. Saying that Keemti Infotech would therefore become a 100 per cent subsidiary of Unistar, Bafna said: "We will get access to Keemti's expertise in animation, graphics, special effects and other infotech services."

Maintaining that Unistar's expertise has been in providing content, chief executive officer Abbasali said: "Now that we are preparing to launch a number of daily soaps and also a mega serial on Sai Baba, we require substantial infrastructure and infotech support."

Revealing that his company has got approval from Doordarshan for the 105-episode serial on Sai Baba and that it would go on air within three months, Abbasali said: "The serial on Sai Baba will be telecast on DD-1, but the time-slot has not yet been decided. The total cost per episode of this serial comes to around Rs 4 lakh."

For the current fiscal, Unistar is projecting a total income of Rs 16 crore and a net profit of Rs 3.85 crore, he added.