Bitcoin craze: BigB gets over $100 mn top-up;wiped out in days

Agencies
December 25, 2017

New Delhi, Dec 25: The Bitcoin frenzy, which is the new investment fad, has not spared even Bollywood megastar, Amitabh Bachchan.

The crazy swings of Bitcoin prices added more than USD 100 million to the star's fortunes within days, but most of it got wiped out even faster -- thanks to a small stake in a hitherto unknown firm associated with the web of cryptocurrencies.

There may be further such fluctuations with the craze for Bitcoins and other cryptocurrencies continuing to drive their prices. The regulatory risks remain a big drag on the prices that saw Bitcoin skyrocketing to near USD 20,000 just a few days back before plunging back by almost half and then again recovering to USD 15,000 level.

While lakhs of Indians are said to have taken a fancy to the Bitcoin and other such virtual currencies, Bachchan is probably the first big name from the country to get associated with this big buzzword -- albeit indirectly and because of a small investment that is at least 3-4 years old.

The link is a Hyderabad-based company named Stampede Capital, which describes itself as a "research-driven global trade house" and a "liquidity provider and market maker" at various exchanges driving "millions of dollars trading volume every day across the globe in nanoseconds".

In its regulatory filings, the company lists Bachchan as an "individual non-promoter shareholder" with a small stake of 2.38 per cent at the end of last quarter. As per the BSE records, Bachchan figures on the list of shareholders (with 1 per cent or more stake) since at least June 2014, though the quantum he is holding has been changing somewhat.

As on June 30, 2014, Bachchan held 3.39 percent in the company which could have been worth around Rs 9 crore at that time (going by the share price around then), while the value of his latest holding is almost half at about Rs 4.7 crore.

The Bitcoin-driven top-up to Bachchan's fortunes comes in the backdrop of Stampede recently listing one of its subsidiaries, Longfin Corp, on the Nasdaq exchange in the US.

Longfin got listed on Nasdaq last week with a market cap of USD 370 million, after it sold shares in a public offer at USD 2.5 a piece. Stampede now owns 37.14 percent stake in Longfin, by virtue of which Bachchan (with his 2.38 percent stake in Stampede) becomes an indirect beneficiary in the US-listed firm.

The stock suddenly saw a huge two-day surge of 2,500 percent post announcement of an acquisition of Ziddu.com, a website that claims to specialise in providing warehouse coins, powered by the blockchain technology, to importers and exporters of commodities against their warehouse receipts.

This made Longfin one of the few listed stocks with direct or indirect association with the Bitcoin buzz.

Longfin acquired the website from a Singapore-based entity named Meridian Enterprises Pvt Ltd, in which 95 percent of the equity was owned by Venkat S Meenavalli, the CEO and chairman of Longfin Corp and also the main promoter of Stampede.

Longfin has entered into an asset purchase agreement with Meridian, and with related affiliates collectively represented by Hong Kong-based Galaxy Media Ltd in exchange for 2.5 million restricted Class A common shares of the company -- and here comes another Bachchan link.

As per the regulatory filings made by Longfin with the US regulator SEC, the distribution of these 2.5 million shares for the acquisition of Ziddu.com is like this -- 2.15 million to Meridian, 100,000 shares to Galaxy Media, 125,000 to Amitabh Bachchan and another 125,000 to his son Abhishek Bachchan.

At the current stock price of USD 41, Longfin shares of the two Bachchans would be worth about USD 10.25 million.

The indirect holding, owing to Stampede stake, would be worth further USD 30 million going by the current market cap of about USD 3.4 billion of Longfin. The current market cap is itself nearly 10-times of the listing level.

An analysis of Longfin share price since its listing shows that it had hit a high of USD 142.82 each on December 18, when the market cap was over USD 10 billion.

At that peak, the value of Longfin shares, which the Bachchans got as part of Ziddu.com deal, was over USD 30 million. Besides, the indirect ownership through Stampede stake was worth about USD 100 million at the peak valuation.

On the other hand, all these holdings were just worth about USD 1 million before the listing, taking into account the USD 2.5 apiece public offer price proposed by Longfin. Now, the direct and indirect holdings are worth an estimated USD 40 million -- still over USD 100 million below the peak.

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News Network
June 25,2020

Jun 25: Bollywood star Sushant Singh Rajput’s last movie “Dil Bechara” is getting a release on Disney+Hotstar on July 24.

With an aim to honour the legacy of the actor, the streaming platform is making the movie available to even the non-subscribers.

Rajput was found dead at his Bandra home on June 14 at the age of 34.

Billed as a soulful love story, “Dil Bechara” marks the directorial debut of casting director and Rajput's industry friend Mukesh Chhabra. The film is produced by Fox Star Studios.

“We are humbled to be able to play a small part in sustaining the legacy of a fine actor like Sushant Singh Rajput. In celebration of his life and his extraordinary work, 'Dil Bechara' will release directly on digital this July on Disney+ Hotstar; and will be available to all subscribers and non-subscribers across India. Our prayers and wishes to his family and loved ones,” Uday Shankar, President – The Walt Disney Company APAC and Chairman, Star & Disney India, said.

The actor had a long-standing relationship with the STAR & Disney India network, having started his career with the show “Kis Desh Mein Hai Meraa Dil” in 2008 to his Bollywood transition where he delivered some of his most memorable performances in “M.S. Dhoni: The Untold Story” (2016) and “Chhichhore” (2019), both produced by Fox Star Studios.

Chhabra said he never imagined he would release the film without Rajput.

 “Sushant was not just the hero of my debut film as a director, but he was a dear friend who stood by me through thick and thin. We had been close right from 'Kai Po Che!' to 'Dil Bechara'. He had promised me that he would be in my first film.

"So many plans were made together, so many dreams were dreamt together but never once did I ever imagine that I would be left alone to release this film. He always showered immense love on me while I was making it and his love will guide us as we release it,” the director said.

“Dil Bechara” is the official remake of 2014 Hollywood romantic drama “The Fault in our Stars”, which was based on John Green’s popular novel of the same name. The Hindi adaptation of the movie was done by Shashank Khaitan and Suprotim Sengupta.

“Dil Bechara” will see Rajput in a leading role alongside debutante Sanjana Sanghi, and Saif Ali Khan in an interesting cameo.

The music of the film has been composed by AR Rahman and the lyrics are by Amitabh Bhattacharya.

“Dil Bechara” revolves around Kizie Basu (Sanghi) and Immanuel Rajkumar Junior or Manny (Rajput) and explores the funny, thrilling, and tragic adventure of being alive and in love.

Together Kizie and Manny embark on an on-off-up-down-sad and sweet profound journey into the heart of that crazy little thing called life. It teaches them what it means to feel truly alive and fall in love.

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News Network
January 8,2020

Jan 8: Bollywood star Deepika Padukone on Tuesday visited the Jawaharlal Nehru University (JNU) to express solidarity with the students who were attacked by a mob, but she did not address the crowd.

The actor reached the university campus at around 7.40 pm and attended a public meeting, called by JNU Teacher's Association and JNUSU in response to Sunday's attack on students and teachers by a masked mob armed with sticks and rods.

Deepika stood as former JNUSU president Kanhaiya Kumar was raising azaadi slogans and left by the time current president Aishe Ghosh started speaking.

The actor's decision to not address the crowd prompted Ghosh to comment, "when you are in a position, you should speak up".

"There are many people in Bollywood who do not put forth their views when they are not be aired. They are considered role models. I appeal to them: Make inspiring films after something has happened but when you are in that position, also talk about the story that is currently happening," she said.

Later, Ghosh said that Deepika expressed solidarity with the JNU students.

Deepika is in the capital to promote her upcoming release, Meghna Gulzar-directed "Chhapaak".

On Monday, the 34-year-old actor told a news channel that she feels proud that people have come out and raised their voice without fear, in reference to the protests against the amended Citizenship Act, the National Register of Citizens and violence in JNU.

"I feel proud to see that we aren't scared to express ourselves... I think the fact that we are thinking about the country and its future.... Whatever may be our point of view, it's nice to see," Deepika told NDTV India.

"I feel proud about it that people are coming out -- be it on the streets or wherever they are -- they are raising their voice and expressing themselves as it is important. If we want to see a change in life and society, it is important that a point of view be put forward," she added.

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News Network
May 28,2020

New Delhi, May 28: On the World Menstrual Hygiene Day, former Miss World Manushi Chhillar on Thursday underlined the need to spread awareness on feminine hygiene.

The 23-year-old star has been roped in by UNICEF to spread awareness on the need to educate girls on personal hygiene.

Chhillar put out a post on Instagram expressing the need to educate girls with all information on maintaining hygiene, constructing adequate sanitation facilities and providing quick access to feminine hygiene products.

Manushi, who is participating in the UNICEF global initiative called the Red Dot Challenge, stated, "Every young girl has the right to accurate information about her body. Without the right information, girls often don't know how to safely manage their period. It's time to break the silence. I am calling all girls, boys, women and men to take the #RedDotChallenge with me. Because of Menstruation Matters. @unicefindia."

Along with the post, Chhillar shared her pictures with red dots on her hand representing the 'Red Dot Challenge.'

The former Miss World runs her own initiative on menstrual hygiene called 'Project Shakti' that works across several states of India.

The beauty queen turned actor will debut in Bollywood with the highly anticipated historical-drama 'Prithviraj' opposite Akshay Kumar. She will be playing the royal princess Sanyogita, whose tales of beauty mesmerised an entire nation.

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