Reliance Industries on Thursday announced an investment of Rs 413.28 crore to purchase 24.9 percent stake in Balaji Telefilms.
The investment will take place through a preferential issue of 2.52 crore shares at Rs 164 apiece, aggregating to the said amount, Balaji Telefilms told the exchanges in a notification.
The proceeds from the transaction would be used to further speed up content development initiatives, especially for ALT (its digital content platform), thereby providing it with a strong ability to compete with other OTT service providers- both global and Indian.
“We welcome Reliance Industries as a partner in our growth journey towards becoming the preferred content producer for the Indian diaspora across all means of video consumption and across all geographies. This investment is a vote of confidence to the Company’s strategic move to own our IP and our viewers,” Jeetendra Kapoor, Chairman, Balaji Telefilms, said in a statement.
Axis Capital acted as the sole investment banker for the transaction.
Disclosure: Reliance Industries Ltd. is the sole beneficiary of Independent Media Trust which controls Network18 Media & Investments Ltd.
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