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.
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Doraiah Chowdary Vundavally is a Software engineer at VTech . He is the news editor of SocialNews.XYZ and Freelance writer-contributes Telugu and English Columns on Films, Politics, and Gossips. He is the primary contributor for South Cinema Section of SocialNews.XYZ. His mission is to help to develop SocialNews.XYZ into a News website that has no bias or judgement towards any.