Reliance Industries is planning to acquire 24.92% of Balaji Telefilms (BTL) along with its subsidiaries for Rs. 413.28 crores.
Reliance Industries Limited (RIL) has got a go ahead from its board of directors to acquire 2.52 crore equity shares of BTL, constituting 24.92% of the post issue paid up capital of BTL through subscription to preferential issue of equity shares by BTL to RIL for cash consideration of Rs. 164 per equity share amounting to an investment of Rs. 413.28 crore.
The transaction is subject to BTL’s shareholder approval and regulatory compliances and is expected to be completed in 45-60 days.
Balaji Telefilms was originally incorporated as a private limited company on November 10th 1994 and went public on February 28, 2000. Today Balaji Telefilms is amongst the largest content production houses in Asia and Middle East with regards to delivering Hindi and regional content.
Balaji Telefilms have unrivaled leadership in providing television content and have produced over 17,000 hours of valuable content. The company has also developed ALTBalaji, a subscription based video on demand service. ALTBalaji aims to reach out directly to individual audiences, by providing them with original, exclusive and tailor-made shows, that one can access at their fingertips.