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Home Exclusive

Balaji Telefilms board approves investment of Rs 413 crores from Reliance Industries

by MN4U Bureau
July 20, 2017
in Exclusive, Featured
Reading Time: 1 min read
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Balaji Telefilms board approves investment of Rs 413 crores from Reliance

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Mumbai: In a development on the reports of Balaji Telefilms negotiating with various players on the stake sale of its digital venture ALT Balaji, the board of directors of Balaji Telefilms had approved the stake sale for Mukesh Ambani owned Reliance Industries Ltd.

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In its me­eting held today, the board con­sidered and approved an investment by Re­liance Industries Li­mited (RIL), through a pr­eferential issue. The Company will be alloting 2,52,00,000 equity shares at the rate of Rs 164 each.

Thus the value of the deal totals to Rs 413.28 crores against offloading 24.9% stakes from ALT Balaji. The decision of the board is subje­ct to necessa­ry shar­e holder and other ap­provals. Reliance will getting two seats on the board of Balaji Telefilms.

The investment will be a major boost to ALT Balaji to ramp up it content offering and other strategic developments.

The deal will be a boon for Reliance Industries in terms of adding value to its telecom business.

 

Tags: Balaji Telefilms boardBalaji Telefilms board approves investment of Rs 413 crores from Reliance IndustriesReliance IndustriesReliance Industries Ltd.

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