Reliance Industries invests in Balaji TelefilmsThursday, July 20th, 2017
Reliance Board Approves Investment in Balaji Telefilms Ltd
MUMBAI — The Board of Directors of Reliance Industries Limited (“RIL”) in its meeting held today considered and approved an investment in Balaji Telefilms Limited (“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.
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.
Axis Capital Limited and EY assisted on this transaction.