James Murdoch, son of media magnate Rupert Murdoch, and former Walt Disney executive Uday Shankar have incorporated a Cayman Islands entity called Seven islands Inc which is seeking to raise $ 300 million through a blank cheque company in the US.

The sum will be used to "pursue an initial business combination in the media, entertainment, consumer technology, healthcare, and education industries in Southeast and South Asia, with a particular focus on India," the company said in a filing with the Securities and Exchange Commission of the US.

The offer is for 30,000,000 units (or 34,500,000 units if the underwriters’ overallotment option is exercised in full), at $10 per unit. Each unit will consist of one Class A ordinary share; and onefourth of one redeemable warrant.

Each whole warrant entitles the holder to purchase one Class A ordinary share at a price of $11.50 per share, subject to adjustment, and only whole warrants are exercisable. No fractional warrants will be issued upon separation of the units and only whole warrants will trade, the filing said.

There has been a lot of speculation in the past few months that Murdoch and Shankar would collaborate to start a media venture of their own with interests in India.

The Cayman islands entity is sponsored by Seven Islands Capital LLC which is a subsidiary of Asia Initiatives Pte. Ltd., a joint venture incorporated in Singapore between Lupa Systems LLC and Uday Shankar, who are collectively to as the sponsors of the issue.

"We anticipate structuring our initial business combination so that the posttransaction company in which our public shareholders own shares will own or acquire 100 per cent of the issued and outstanding equity interests or assets of the target business or businesses. We may, however, structure our initial business combination such that the posttransaction company owns or acquires less than 100 per cent of such interests or assets of the target," it added.

"The Seven Islands team has an impressive track record of identifying and executing acquisitions that are ripe for growth and disruption across various industry sectors and business cycles," the filing says.

Shankar had stepped down as chairman of The Walt Disney Company India and president of The Walt Disney Company Asia Pacific in December last year. He is the current Ficci president.

Murdoch's Lupa Systems will be providing strong support to the new venture. "Lupa will be providing us with differentiated expertise in identifying highpotential business combination candidates, in addition to differentiated access to a deep network of potential partners and investors globally," the filing said.