Half the equity is held by the central government, and half by the Delhi authorities.
Their cash-flow problem is around £30m, which is manageable if the equity is used wisely.
It's just that ascribing a £1.9bn value to the equity is wild.
The balance of the equity is to be held by Spyglass Entertainment and a pair of associated companies.
Partners will be able to sell shares only within the firm once the equity is introduced early next year.
"This was such an enormous transaction that it looks like most, if not all, of the equity is going to be wiped out".
On the other hand, if you look back a couple of years ago, it's – – the equity is really down a lot.
"This is certainly fairer in terms of how the equity is split," Shelly Lombard, a bond analyst with the firm Gimme Credit, said.
Private equity needs to save part of its cash for recapitalising the mega-buy-outs of the boom era: much of the equity is now "toast", an industry veteran admits.
"They could sell off all of the assets, pay off the debt and still have enough left over to pay off the shareholders well in excess of where the equity is trading right now".
Insiders say the equity is a precursor to a strategic deal that would allow partners to realize the value of their holdings, through an alliance with a large institutional investor, a merger or an outright sale.
