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
July 14,2020

New Delhi, Jul 14: Going down the memory lane, late Bollywood actor Sushant Singh Rajput's close friend and actor Rhea Chakraborty recalled her memories with the departed actor as Rajput's untimely demise completed one month on Tuesday.

This marks the 'Jalebi' actor's first social media post dedicated to Rajput after his demise.

Chakraborty took to Instagram to post two pictures of herself with the 'Kai Po Che!' actor and complimented the post with a long emotional note.

She began the note by stating how she is "still struggling" to face her emotions and said that she will never come to terms with the actor's demise.

"Still struggling to face my emotions.. an irreparable numbness in my heart. You are the one who made me believe in love, the power of it," she wrote.

"You taught me how a simple mathematical equation can decipher the meaning of life and I promise you that I learnt from you every day. I will never come to terms with you not being here anymore," she added.

Terming Rajput as the "greatest physicist," the 'Mere Dad Ki Maruti' actor then recalled Rajput's passion for astrophysics.

"I know you're in a much more peaceful place now. The moon, the stars, the galaxies would've welcomed "the greatest physicist "with open arms," Chakraborty wrote.

Full of empathy and joy, you could lighten up a shooting star - now, you are one. I will wait for you my shooting star and make a wish to bring you back to me," she added.

Remembering the bond that she shared with him, Rhea wrote, "You were everything a beautiful person could be, the greatest wonder that the world has seen. My words are incapable of expressing the love we have and I guess you truly meant it when you said it is beyond both of us."

"You loved everything with an open heart, and now you've shown me that our love is indeed exponential," she added.

The 28-year-old actor ended the note by stating how she will love Rajput for a "lifetime."

"Be in peace Sushi. 30 days of losing you but a lifetime of loving you....Eternally connected. To infinity and beyond," she wrote.

Chakraborty and Rajput were close friends and were also set to share the screen space in the film 'Happy Anniversary.'

Sushant Singh Rajput was found dead in his Mumbai residence on June 14. The investigation in the case related to Rajput's demise is currently underway for which Chakraborty was also interrogated by Mumbai Police.

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News Network
June 19,2020

New Delhi, Jun 19: With the demise of Bollywood actor Sushant Singh Rajput stirring a debate on nepotism in the film industry, singer Sonu Nigam on Thursday spoke out on the "mafia" of the Indian music industry.

Nigam shared a 7-minute-long Vlog (video blog) on his YouTube channel where he is seen talking about roadblocks in the career of the newcomers created by big music labels and in turn urged them to be kind.

"I want to request everyone and especially our music companies to be kind because today an actor - Sushant Sigh Rajput - has passed away, tomorrow you can hear the same about a singer or a composer or a lyrics writer because unfortunately there is a bigger mafia in the music industry than the film industry," the 46-year-old musician said.

He then talks about how the young and struggling musicians are distressed because of the monopoly of "only two music companies" in the industry that rule and decide everything.

"I came into the industry years ago and at a younger age so I didn't fall in the trap but this new generation is going through a lot," he said.

"They are distressed because the composer would want to work with them, the producer and director would want to work with them but the music company would say 'no this is not our artist.' This is not right that the power is in just two hands - two music companies only - they will decide who will sing who will not sing," he added.

He then stressed on the fact that he is completely out of the music industry but the situation is very grim for the newcomers.

"I am out of it and neither do I have any wish to sing since the last 15 years, I am very happy in my own world but I have seen the frustration in the eyes, in the voice and in the words of new singers, new composers, new lyric writers," he said.

"They cry and if they attempt suicide you too will have to answer the questions. Be a little kinder please, to the newcomers because they are Gandharva (skilled singers), please be a little easy on them," he added.

Nigam then shared a personal experience and without naming anyone described how a powerful actor from the Bollywood industry had control over the music world too.

"It might happen with me that the song I am singing and the same actor who is being questioned these days would say 'don't make him sing' as he has deals with Arijit Singh. So, how can you use your power like that?" he said.

"You call me, ask me to sing, and then get my song dubbed. This is funny especially because I have been working since 1991 in Bombay, I have been working since 1989 in the music industry and if you do this with me then what will you do with the young generation," he added.

The 'Aal Izz Well' singer ended the Vlog urging the big music labels to be "a little more chill" and humane towards the younger lot and warned that the distress might cause the newcomers to attempt suicide.

"Guys you need to chill a little, be a little humane. Please don't torture the younger ones, please step into their shoes, they need you, they need your help, they need your kindness," he said.

"Even directors and producers are not happy because they are not being allowed to make the music that they wish to. This is not right. Creativity should not be only in two hands. Be kind so that more people do not suicide," he added.

The alleged suicide of Sushant Singh Rajput has led to a lot of controversies in the entertainment industry. The investigations in the matter are still underway.

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News Network
July 6,2020

Mumbai, Jul 6: Mumbai Police on Monday recorded the statement of filmmaker Sanjay Leela Bhansali in connection with actor Sushant Singh Rajput's death.

The director arrived at Bandra Police Station on Monday morning to give his statement.

As per reports, late actor Sushant was approached by Bhansali for his 2013 film "Goliyon Ki Rasleela: Ram-Leela". However, Sushant could not take up the offer reportedly due to his contract with a production house. Later Ranveer Singh was signed for the role. The female lead was played by Deepika Padukone and the film turned out to be a commercial success.

Meanwhile, Mumbai Police has, over the past weeks, recorded statements of Sushant's family, staff, a few of his friends, and Rhea Chakraborty, besides filmmaker Mukesh Chhabra and actress Sanjana Sanghi who worked with the late actor in his upcoming last film "Dil Bechara".

Sushant Singh Rajput was found hanging in his Mumbai residence on June 14. The actor's postmortem report stated his death was a suicide.

Within a few days of the actor's death, a complaint was filed by advocate Sudhir Kumar Ojha in the court of Chief Judicial Magistrate in Bihar's Muzaffarpur. The case filed regarding the actor's death was against eight Bollywood personalities including Bhansali, Salman Khan, Karan Johar, Aditya Chopra and Ekta Kapoor.

Mumbai Police is investigating the death of the actor, though many fans on social media have been demanding a Central Bureau of Investigation (CBI) probe into the case.

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