Achche Din for Balaji as Reliance picks up 24.92% stake

21 Jul,2017

By A Correspondent

 

It’s just a formality now. The Reliance Industries and Balaji boards have approved an investment by Reliance Industries (RIL) in Balaji Telefilms (BTL) to acquire 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.

 

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, notes a communique. It may be recalled that BTL has launched a new OTT platform ALTBalaji in April 2017 which, an RIL communique notes, 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. Axis Capital Limited and EY assisted on this transaction.

 

Reliance Industries already has investments in media entities Network18 and Viacom18, a joint venture with Viacom. Viacom18, incidentally, runs VOOT, an OTT platform.

 

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