Breaking News

You are here » Indian-Commodity  :  Corporate  :  RIL to acquire 24.92% stake in Balaji Telefilms for Rs 413.28 crore


RIL to acquire 24.92% stake in Balaji Telefilms for Rs 413.28 crore

Reliance Industries (RIL) has received an approval for investment in Balaji Telefilms (BTL) by way of acquiring 2.52 crore equity shares constituting 24.92% of BTL's equity, through subscription to preferential issue of shares by BTL to RIL for cash consideration of Rs 164 per equity share amounting to an investment of Rs 413.28 crore. The board of directors at its meeting held on July 20, 2017 has received an approval for the same.

This investment in content production (including digital content) is in line with RIL's commitment to invest and grow in telecom digital and media businesses. Axis Capital and EY assisted on this transaction.

BTL has launched a new digital platform, ALTBalaji (ALT), in April 2017, which has garnered over 3 million downloads and subscribers from over 75 countries since its launch. The transaction is subject to BTL's shareholder approval and regulatory compliances and other conditions precedent and is expected to be completed in 45 to 60 days.

Related News

View all news

NBCC bags total business worth Rs 242 crore in February

NBCC (India) has secured total Business of around Rs 242 crore in the month of February, 2018.Recently, the company has received letter of award (LoA) of work from Rural Electrification Corporation (REC)......

KRBL to launch new products 'Chia Seed', 'Flax Seed'

KRBL will launch its new products in the name and style of 'Chia Seed' and 'Flax Seed'. The products will be launched on March 19, 2018 and it will cater to International market.'Chia Seed' is the ultimate......

Shilpa Medicare receives EIR from USFDA for Telangana facility

Shilpa Medicare has received Establishment Inspection Report (EIR) from the United States Food & Drug Administration (USFDA) for its formulations manufacturing facility (SEZ unit) located at Jadcherla,......

Top News

View all news

Sadbhav Infrastructure emerges lowest bidder for Vadodara Kim Expressway Project

Sadbhav Infrastructure has been declared L-1 (Lowest) bidder by the National Highways Authority of India (NHAI) for new Hybrid Annuity Project in the State of Gujarat.The Project is for the construction......

Tribhovandas Bhimji Zaveri opens 37th store in Pune

Tribhovandas Bhimji Zaveri has opened its 37th store at Unit No. UG-71, Phoenix Market City Mall, Viman Nagar, Pune, in state of Maharashtra on March 17, 2018.Tribhovandas Bhimji Zaveri, a well-known jewellery......

DHFL planning to raise funds through NCDs

Dewan Housing Finance Corporation (DHFL) is planning to raise funds through Non-Convertible Debentures (NCDs). The company has proposed to issue Secured Redeemable NCDs amounting to Rs 300 crore and a......