New Delhi : Mukesh Ambani’s Reliance Industries Ltd (RIL) on Thursday said its board has approved to pick around 25 per cent stake in Balaji Telefilms by acquiring 2.52 crore shares for around Rs 413 cr.
The company’s board has approved making investments in the equity shares of Balaji Telefilms Ltd for acquiring 2.52 crore equity shares constituting 24.92 per cent, RIL said.
Balaji Telefilms said its board on Thursday considered and approved an investment by RIL through a preferential issue of 2.52 crore equity shares at Rs 164 each, aggregating to Rs 413.28 crore. The media and entertainment firm said proceeds from the transaction would be utilised to further speed up content development initiatives, especially for its over-the-top content platform ALTBalaji, to help it compete with other global and India OTT service providers. –
