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.