Maa TV
SPA and SHA Reconciliation to GEC Purchase Price
Sept 6th 2012
DRAFT – FOR DISCUSSION ONLY
Initial Purchase
DRAFT – FOR
DISCUSSION
ONLY
Initial Purchase
FY12 EBITDA
Multiple
EV
Fully-diluted shares
INR
USD
481,766,255
8,759,386
22.0x
22.0x
10,598,857,610 192,706,502
60,565,275
60,565,275
175
3.18
30,888,290
30,888,290
5,405,417,381
98,280,316
498,000,000
9,054,545
4,400,000
80,000
Total SPE Cash Outlay
5,907,817,381
107,414,861
GEC Deck Cash Outlay
INR 5.9BN
$107.4MM
Per Share Price
Shares Purchased
Cash Payment to Maa
Add Debt
Add Stamp Duty
SPA 2.1(b) definition of “Per Share Price”
Corrected number of fully-diluted shares
Calculation from SPA 2.1(b) “Per Share Price”
51% of 60,565,275
SPA agrees with initial purchase deal presented to Tokyo in the GEC
2
FYE15 ESOP / Ramakrishna Purchase
DRAFT – FOR
DISCUSSION
ONLY
FYE15 Purchase
FY14 EBITDA
Multiple
EV
Fully-Diluted Shares
INR
USD
819,527,062 14,900,492
18.0x
18.0x
14,751,487,120 268,208,857
60,565,275
60,565,275
244
4.43
1,211,270
1,211,270
Cash payment to shareholders
295,021,096
5,364,020
Total SPE Cash Outlay
295,021,096
5,364,020
Per Share Price
Shares Purchased
GEC Deck Cash outlay
INR 300MM
TBD - SHA 5.1c defines FY14 EBITDA
SHA Definition of "Per Share Price"
SHA Definition of "Per Share Price"
(Correct number)
51% of 60,565,275
SHA 5.1 “Underlying Shares”
$5.4MM
SHA agrees with FY15 deal presented to Tokyo in the GEC
3