Reliance Entertainment CEO Shibashis Sarkar forms SPAC, files for $230 million IPO in US

Shibashish Sarkar, the group chief executive of Reliance Entertainment, has set up a special purpose acquisition company (SPAC) — also known as a blank check company — to explore acquisition opportunities in the media and entertainment space in India, North America, Europe and parts of Asia.

The company, International Media Acquisition Corp (IMAC), has filed for a $230 million (Rs 1,715 crore) initial public offering in the US and listing on the Nasdaq. The US Securities and Exchange Commission has approved its proposal.