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.
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.