News & Analysis » India
Reliance Broadcast Network To Raise Over Rs. 400 Cr.
(RTTNews) - Reliance Broadcast Network Ltd. said its board approved a proposal for new capital infusion of over Rs.400 crore into the company, by preferential issue of equity shares to the promoter group and other investors.
The promoter group will subscribe to around 2.90 crore shares aggregating to around Rs.250 crore, and investors around 1.90 crore share totaling over Rs.150 crore. The preferential offer will be made at a price of Rs.85 per share, reflecting a premium of over 25% to the last 26 weeks average market prices, the company said.
The proposed infusion of the new equity capital will substantially increase the shareholders funds by over 300% to Rs.568 crore from Rs.167 crore, and uniquely positioned to actively participate in forthcoming growth opportunities across business verticals.
At the BSE, Reliance Broadcast shares are currently trading at Rs.116, up by 4.98% from the previous close.
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