RIL proposes to buy stake in Balaji Telefilms

Mumbai July 20 (IANS) Industrialist Mukesh Ambani-led Reliance Industries Ltd (RIL) on Thursday said it plans to acquire 24.92 per cent equity stake in media and entertainment industry firm Balaji Telefilms Limited (BTL) for a consideration of Rs 413.28 crore.

"RIL proposes to acquire 2.52 crore equity shares of BTL constituting 24.92 per cent of the post-issue paid-up capital of BTL... for cash consideration of Rs 164 per equity share amounting to an investment of Rs 413.28 crore " the company informed the BSE.

"This investment in content production (including digital content) is in line with RIL s commitment to invest and grow in telecom digital and media businesses."

BTL was incorporated on November 10 1994 and its equity shares are listed on BSE and National Stock Exchange of India. BTL has a paid-up share capital of Rs 15.2 crore (as on March 31 2017) and generated turnover of Rs 421 crore Rs 293 crore and Rs 347 crore in FY17 FY16 and FY15 respectively.

--IANS
rv/dg