Entertainment World Developers Pvt. Ltd has filed for a maiden public offer. The Mumbai-based firm has done so that its investor ICICI Venture can go ahead with its partial exit.

And as a part of this, the firm is going to buy a a portion of the unsecured fully convertible debenture which are currently with ICICI Ventures.

No details about the total amount of the debentures and the kind of proceeds expected were made public. But people close to the development said that it will be close to Rs.75 crore.

Later, after the exit Entertainment World is thinking of merging the subsidiary held by ICICI Venture just now.

ICICI Ventures has invested the money through its India Advantage Fund III and IV. It currently holds stakes in Entertainment World and subsidiary Treasure World, the combined value of which is Rs.225 crore.

Rs. 75 crore was invested in 2007 and the rest of the money was injected during the later parts.

Meanwhile, Entertainment World has also been buying back stakes from Phoenix Mills Ltd worth Rs 50 crore. In all, the company will be buying stakes close to Rs. 125 crore.