Mumbai: The Board of Directors of M/s ALT Digital Media Entertainment Limited (ALT Balaji) has given in principle approval for the investment in M/s B D Inno Ventures Pvt Ltd.
The investment is subject to regulatory and other approvals as required by the Company. Pursuant to this investment, ALT Digital proposes to invest Rs. 15 Crore in M/s B D Inno Ventures Pvt Ltd. which provides an online platform for procuring personalized recorded videos from celebrities through its digital offering “Tring”,
The investment of Rs 15 Crore will fetch 17.5% stake to ALT Balaji in the form of equity, or equity-linked securities such as compulsory convertible preference shares of M/s B D Inno Ventures Pvt Ltd.
ALTBalaji has declared total revenue at Rs 14.9cr in Q1 FY21 against Rs 12.3cr revenue in Q1FY20. The direct subscription revenue grown ~90% year on year – Rs 12.9cr vs Rs 6.7cr in Q1FY20.