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Reliance Capital, Reliance Land to divest entire stake in RBNL

28 May 2019 Evaluate

Reliance Capital and Reliance Land, a part of Reliance Capital Group, have agreed to divest their entire equity stake in Reliance Broadcast Network (RBNL) to Music Broadcast (MBL).

MBL will initially acquire a 24% equity stake of RBNL by way of a preferential allotment for a total consideration of Rs 202 crore and thereafter subject to the receipt of all regulatory approvals, MBL will acquire all of the remaining equity stake held by Reliance Capital and Reliance Land in RBNL at a total enterprise value of Rs 1,050 crore.

In addition, Reliance Capital will receive an estimated Rs 150 crore from the disposal of other assets of RBNL which do not form part of the transaction with MBL, in accordance with the regulations.

Reliance Capital, a part of the Reliance Group, is one of India’s leading private sector financial services companies. It has interests in asset management and mutual funds; life, health and general insurance; commercial and home finance; stock broking; wealth management services; distribution of financial products; asset reconstruction; proprietary investments and other activities in financial services.

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