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Shares of Balaji Telefilms soared nearly 9 per cent today after Reliance Industries Ltd (RIL) board has approved a plan to acquire nearly 25 per cent stake in the company for about Rs 413 crore.
The scrip zoomed 8.75 per cent to Rs 203 — its one-year high — on the BSE. On the NSE, it surged 8.62 per cent to touch its 52-week high of Rs 202.80.
Mukesh Ambani’s Reliance Industries Ltd (RIL) had yesterday said that its board has given its approval for acquiring 2.52 crore shares in Balaji Telefilms for about Rs 413 crore.
In a separate filing, Balaji Telefilms said that its board has considered and approved an investment by RIL through a preferential issue of 2.52 crore shares at Rs 164 each, aggregating Rs 413.28 crore.
The Mumbai-based media and entertainment firm said proceeds from the transaction will be utilised to further speed up content development initiatives, especially for its over-the-top content platform ALTBalaji, to help it compete with other global and India OTT service providers.
The decision is, however, subject to Balaji Telefilms shareholders’ and other approvals.
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