RBNL to raise Rs 1,000 cr from QIBs

Reliance Broadcast Network (RBNL) today said its members have approved issue of equity shares to qualified institutional buyers to raise up to Rs 1,000 crore.

In a filing to the BSE, RBNL said its members have approved an "enabling authorisation to the Board in super session of the earlier resolutions passed in this regard for issue of equity shares to Qualified Institutional Buyers up to Rs 1,000 crore".

The company, however, did not provide further details on the same.

Earlier RBNL had said it was holding discussions with private equity players to raise up to Rs 400 crore for funding its radio and television network expansion.

RBNL runs its radio business under BIG FM and operates three English entertainment channels under its joint venture with US-based CBS. It also runs a regional channel - BIG Magic.