Balaji Telefilms board approves selling 25 per cent stake to Reliance Industries

New Delhi: TV content production company Balaji Telefilms on Tuesday said its board has approved allotment of 2.52 crore equity shares to Mukesh Ambani led Reliance Industries for a total consideration of Rs 413.28 crore.

Reliance Industries Ltd (RIL) board last month approved to pick around 24.9 per cent stake in Balaji Telefilms by acquiring 2.52 crore shares for around Rs 413 crore.

The board has approved allotment of 2.52 crore equity shares of face value of Rs 2 each at Rs 164, including a premium of Rs 162 per equity share for a total consideration of Rs 413.28 crore, Balaji Telefilms said in a BSE filing.

The Mumbai-based media and entertainment firm had said that proceeds from the transaction would 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.

Balaji Telefilms stock closed 2.24 per cent down at Rs 154.60 on BSE.