JMD Telefilms likely to sell up to 15% stake to Century Exports

JMD Telefilms Industries (JTIL) is likely to sell up to 14.99% stake to Hongkong-based mobile handset maker Century Exports. Century Exports will be offered 5.10% of paid up capital, or 36,79,446 equity shares in the first phase, at Rs 25 aggregating to Rs 9.19 crore, which is adding 50% premium on the market price of July 22.

The Hongkong-based company can raise its stake up to 14.99% in the second phase, at the prices as per SEBI rules and guidelines for preferential shares plus 50% premium on the price. Century Exports can get controlling stake in JTIL by way of preferential route or from open market after the completion of second phase. The company will look for shareholders' approval for the same. JTIL already has a tie-up with Century Export to supply mobile devices and handsets for the Indian market.

In 2010, JTIL launched specific services and entered in the mobile value-added services industry.  In February this year, the company announced its foray into distribution, trading and retailing of mobile devices across India.