Private equity firm CVC Capital has sold a $1.6 billion stake in Formula One to three investors including BlackRock ahead of the motor racing company's planned $3 billion initial public offering in Singapore, sources said on Tuesday.
The Softbank-backed company has set a price band of Rs 72 to Rs 76 per share for the maiden share sale and is expected to test the appetite for new-age loss-making companies.
Formula One could have new owners by the end of the year with three parties currently interested, the sport's commercial supremo Bernie Ecclestone said on Tuesday.
The sale proceeds will be fully utilised to repay debt at Bharti Telecom and will make the promoter holding firm a 'debt free company'.
Formula One faces its biggest shake-up in decades with the announcement on Wednesday that US cable TV mogul John Malone's Liberty Media has agreed to take control of the cash-generating glamour sport.
While three of the top five FPIs - Capital, Government of Singapore, and Vanguard - have seen their investment value more than triple, India's benchmark indices have risen just 70%.
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