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Jagran Music to Acquire Anil Ambani’s BIG FM For Rs.1,050 Crore

Equity_Pandit

Reliance Group’s Reliance Capital and Reliance Land will divest the entire equity stake in Reliance Broadcast Network (RBNL) to Jagaran Prakashan-owned Music Broadcast (MBL).
RBNL operates 58 radio stations across the county under the brand name BIG FM Radio, while MBL operates radio stations under Radio City (39 stations). MBL will initially acquire a 24 percent equity stake of RBNL through a preferential allotment for a total consideration of Rs 202 crore and, thereafter, subject to the receipt of regulatory approvals, it will acquire all of the remaining equity stakes held by Reliance Capital and Reliance Land in RBNL at an enterprise value of Rs. 1,050 crore.
Reliance Capital will receive an estimated Rs 150 crore from the disposal of these stations assets of RBNL which do not form part of the transaction with MBL, in accordance with the regulations. The deal will cut Reliance Capital’s outstanding debt by an estimated Rs 1,200 crore.
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