To infuse Rs 45.47 crore into expansion of BIG FM, TV business, OOH acquisitions.
BestMediaInfo Bureau | Delhi | February 25, 2011
The Foreign Investment Promotion Board (FIPB) has approved of Reliance Broadcast Network Limited’s (RBNL), proposal to sell up to 20% stake to bring in foreign investment. RBNL had sought government permission for the “induction of foreign investment by foreign institutional investors (FII), non-resident Indians (NRI) by way of fresh allotment of shares by private placement or otherwise and/or investments through stock exchanges by way of portfolio investments, up to the limit of 20% of the total paid up capital of the company."
Subsequent to the FIPB approval, the company will infuse Rs 45.57 crore into expanding its radio arm, 92.7 BIG FM, its growing television business, and for acquisitions for its OOH arm.
The Company had received approval to raise Rs. 400 crore earlier this year. The Company has raised around 283 crores by allotting 33.3 million shares to investors and promoters of the Company.
The Company is on a growth trajectory having recently launched its television business through its JV with CBS Studios International and more recently its proposed acquisition of Imagine Showbiz. The Company, which runs BIG FM, the 45-station radio network with the largest footprint in India, also has play across out of home and the events and IP business.