At present, according to Indian rules and regulations, companies seeking to raise money from the market through the IPO route have to offer a minimum of 25 per cent shareholding to the public. Though Screwvala refused to divulge further details and denied that it was true, UTV sources said the company has drawn up plans to go in for its maiden IPO in India between January and March 2000. Only after getting listed on the Indian stock exchanges will UTV go in for a listing abroad which may take place between six to 12 months later. They will have a 5 per cent stake each and Bhatia will also join Homeland as a director. UTV is said to be leveraging its software library into equity in Homeland for which valuation is going on at present.
Homeland primarily targets customised Internet programming and e-commerce activities.
Last year, the UTV promoters had decided to buyout Rupert Murdoch-controlled News Corp's 37 per cent equity in the Indian media house. Part of the additional funding for this News Corp shareholding buyback came from FII, Warburg Pincus, though the deal came in for some flak from the Reserve Bank of India. Taj Mahal Hotel, Mumbai.