James Murdoch-Uday Shankar ditch SPAC route for their M&A ventures

Seven Islands will now make their investments through Bodhi Tree Systems

Seven Islands Inc, a special purpose acquisition company (SPAC) sponsored by James Murdoch and former STAR India CEO, Uday Shankar, has decided to abandon its earlier plan to raise $300 million through an initial public offering (IPO) in the US.

The blank-check company was registered sometime in May last year to focus on acquisitions in southeast and south Asia in areas ranging from media and entertainment, consumer technology, healthcare and education, with India as a key country in this regard.

SPACs are formed by sponsors to raise money through an IPO, which is then used to acquire or merge with