Reliance Broadcast to raise Rs 400 crore via stake sale
Date: 02-09-2010Reliance Broadcast Network, the media company of the Anil Dhirubhai Ambani group, announced that its board has approved raising over Rs 400 crore by selling equity shares to its founder and other investors.
The radio, out of home and marketing company, will sell shares at Rs 85 a piece. The promoters will invest Rs 250 crore by subscribing to 2.9 crore shares while other investors will chip in `150 crore by buying 1.9 crore shares.
The capital infusion will lead to 300% increase in shareholders funds to Rs 568 crore, the statement added.crackcrack