AION Capital Partners Ltd, a fund managed by AION India Investment Advisors Private Limited and ICICI Venture Funds Management Company Limited signed an agreement to acquire a majority stake in Planetcast Media Services Ltd. (‘Planetcast’) from Kubera Cross-Border Fund Ltd. (AIM:KUBC), a fund managed by Kubera Partners, LLC, Essel Group and Shyam Telecom Limited (BSE:517411) on March 17, 2017. Under the terms, Kubera Cross-Border Fund Limited will sell its entire stake for INR 1.5 billion. The Board of Kubera Cross-Border Fund intends to announce the distribution to shareholders of all cash proceeds from the sale not required to meet operating costs. Post transaction, PlanetCast will continue to be led by the current management team. As of June 14, 2019, Kubera Cross-Border Fund Ltd. (AIM:KUBC), a fund managed by Kubera Partners, LLC sold it's stake in Planetcast Media Services Ltd. to AION Capital Partners Ltd, a fund managed by AION India Investment Advisors Private Limited and ICICI Venture Funds Management Company Limited for INR 1.4 billion, which representing a 4% decrease in the consideration price agreed on the 17 March 2017. Planetcast Media Services Limited reported net profit of INR 432 million and operating income of INR 2.48 billion in financial year 2016. Completion of the transaction is subject to obtaining regulatory approvals from various government authorities in India and to a long stop date of September 15, 2017. As of September 14, 2017, the long stop date was extended to November 1, 2017. As of October 17, 2017, the long stop date was extended to December 31, 2017. As per announcement made on December 19, 2017, the long stop date was extended to March 31, 2018. As per announcement made on June 29, 2018, the long stop date was extended to July 31, 2018. As per announcement made on December 31, 2018, the long stop date is extended to February 28, 2019. As of March 4, 2019, the long stop date has been expired. Philip Secrett, Jamie Barklem, Niall McDonald and Carolyn Sansom from Grant Thornton UK LLP served as accountant, David Benda from Numis Securities Ltd. served as the broker and Philip Scales from FIM Capital Ltd. served as the administrator, registrar and secretary to Kubera Cross-Border Fund on the deal. Ashwin Ramanathan, Divya Mundra and Vasudha Asher from AZB & Partners acted as legal advisor to AION Capital Management Limited. AION Capital Partners Ltd, a fund managed by AION India Investment Advisors Private Limited and ICICI Venture Funds Management Company Limited completed the acquisition of Planetcast Media Services Ltd. (‘Planetcast’) from Kubera Cross-Border Fund Ltd. (AIM:KUBC), a fund managed by Kubera Partners, LLC, Essel Group and Shyam Telecom Limited (BSE:517411) on June 14, 2019.