Indian billionaire BK Modi is to buy Venture One Finance’s entire 14.73% stake in MediaRing for $39.5 mln or 21 cents per share.

He will also acquire option shares held by 3 directors, including Chairman Koh Boon Hwee and CEO Khaw Kheng Joo, and some other executives, at 30 cents each, including the option exercise prices ranging from 8.98¢ to 22.45¢. Modi will end up with up a 20.14% stake.

While some minority shareholders may be disappointed there will not be a general offer, nor the opportunity to sell at the same price of 21 cents, vs MediaRing’s last traded price of 18 cents, speculators may very well like Modi’s plan (among many) to create a Holywood-meets-Bollywood entertainment centre in the Marina Sands IR. (The details do not seem important at this point.)

Afterall, Singapore’s 2 IRs promise to elevate Singapore to become a global city; and basis for general optimism with a local house recommending 41 stocks listed here because of the IRs, ranging from Genting Singapore no less, to all 3 telcos. Naturally, several property and hotel stocks are on the list, as are transport providers like SMRT, which incidentally will open 11 new stations on the Circle Line in H1 2010.