Chennai: Radaan Mediaworks, promoted by actress Raadhika Sarathkumar has decided to offload nearly 25% stake to former Stanchart head honcho, Jaspal Singh Bindra’s M/s. JBCG Advisory Services Private Limited.
As per the deal Radaan will issue 17.5 million equity shares of Rs.2/- face value on preferential basis to at a price of Rs.2/- per share to JBCG Advisory that is aggregating to Rs.3.5 Crore.
Radaan has convened an extraordinary general meeting (EGM) of the company’s shareholders on 29 December 2018, to approve the increase in authorized share capital.
Speaking to TOI, Raadhika Sarathkumar, CMD, Radaan Mediaworks said, “We have been focusing to stabilize the company’s operations in the recent past and have completed that task. We are now planning to expand and grow the company’s capabilities to deliver content across platforms. The emergence of digital platforms is throwing up a lot of opportunities and we want to tap into that emerging potential,”
On Jaspal Singh Bindra and JBCG’s entry into the board, Raadhika said, “The combination of their financial and our content strength is sure to help the company on its growth path,”
She also clarified that they (JBCG) will function as a separate team.
Radaan Media works was founded as a proprietary concern in the early 90s and converted into a listed entity in 1999. The Company is gearing up for the launch of socio-fantasy television soap, ‘Chandrakumari’ it is being aired in all four South Indian languages starting with Tamil version on Sun TV from 10th December 2018.
The Success of ‘Chandrakumari’ is imperative for both Radaan Media Works and Sun TV Network as the channel is facing heat from Zee Tamil which is dominating the core prime time in Tamil GEC space for the past three weeks, while the former has invested huge money towards producing the show.