Shrey Chemicals has received an approval to acquire entire businesses of Shlok Media, engaged in the business of mass advertisement, as a going concern. The board of directors at its meeting held on September 26, 2013, has approved for the same.
The board also approved to create a jointly held special purpose vehicle (SPV) to manage an exclusive content platform catering to over 4 million BSNL subscribers pan India. The platform aims at being the definitive digital platform delivering movies, songs, TV shows, clips and all kinds of multi-genre/multi-language content through Internet based delivery mechanism.
Further, the company received an approval to acquire up to 24% of the total paid up equity share capital of Triloqic Digital Media (TDML). TDML is rapidly emerging as one of the country’s fastest growing diversified media and broadcast content companies. The company has various subsidiaries, which operate in verticals across the spectrum. At a consolidated level, the company is looking at closing FY13-14 with revenues of over Rs 120 crore with a projected EBIDTA of Rs 24 crore. Over the next three years, TDML aims at becoming India’s largest diversified media and content company.