Print    Email

Email To		[Close]
		You must make entries in all fields
Your Email
Your Name
Send to Email
		Send

Reliance Broadcast Network Ltd’s (RBNL) Board of Directors have approved a proposal to infuse capital of over Rs 400 crore into the Company.

In an announcement the media entity, part of Reliance Anil Dhirubhai Ambani Group (RDAG), said that capital of over Rs 400 crore into the Company by preferential issue of equity shares to the promoter group and other investors.

The promoter group will subscribe to approximately 2.90 crore shares aggregating approximately Rs. 250 crore, and investors approximately 1.90 crore shares aggregating over Rs. 150 crore. The preferential offer, which is subject to necessary approvals, will be made at a price of Rs. 85 per share, reflecting a premium of over 25% to the last 26 weeks average market price.

The infusion of new capital into the Company will eventually enhance the net worth of RBNL as well as augment its borrowing capabilities. The initiative will also serve upto enhance the overall shareholder value.

The media firm looks to bring the new capital in work for the future growth opportunities across its business verticals such as 92.7 BIG FM, BIG Street, BIG Live, BIG Digital and the newly formulated vertical BIG CBS.

Commenting on the development, Mr. Tarun Katial, Chief Executive Officer, Reliance Broadcast Network Limited, said, “The media and entertainment sector is back on an exciting double digit growth path. This resurgent market has brought with it changes in expectations from marketers and advertisers, as well as newer opportunities for media companies. The equity capital infusion is a reflection of the strong confidence of our promoter group in the future growth prospects of the Company.”