The company named, Abraaj Capital has recently acquired a 9.4% stake in Indias pioneering arts institution, valued Osians Connoisseurs of Art with an investment of Rs 80 crore ($20 million) and thus, took the total valuation of the company to Rs 840 crore. The sources form the Osians have informed that the founder and the promoter of the institution, Mr. Neville Tuli is still the single largest shareholder in Osians and the Vice Chairman and Group Chief Executive Officer of Abraaj, Mr. Arif Masood Naqvi is going to join the board of Osians after this acquisition.
The Osians Connoisseurs of Art has released an official statement regarding the issue on Monday and said that the share price of the company that was privately placed since the year of 2001, has recently went up at a CAGR of approximately 85% and is standing at Rs 1,600 at the moment. While commenting on the acquisition, the Founder Chairman and CEO of Osians, Mr. Neville Tuli said, "Since inception, we have sought to create a world-class infrastructure-building institution that takes a leadership position in key artistic and cultural sectors, demonstrating that a knowledge- and creativity-driven approach can also generate great wealth for the collective, let alone the institution. Abraajs partnership will further facilitate the expansion of Osians while providing Abraaj with an ideal growth opportunity in the fast-growing art and culture sphere".
Mr. Tuli was also talking about the other plans of the company and said, "Osians plan to become the first arts and cultural institution to publicly list is on schedule for 2009". The Group CEO of the investor company, Abraaj, Mr. Arif Naqvi was also expressing his views over the issue and said, "Indian, Asian and Arab art is experiencing a period of historic change and development, and the cultural and financial opportunities are phenomenal. We are delighted to join the outstanding shareholder base of Osians, and to support Neville in his vision of creating an institution that provides an infrastructure for broad access to the arts in the widest sense whilst also demonstrating that this can be financially viable and attractive".
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| Posted : 3/18/2008 |
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