Balaji Telefilms Limited completes fund raise of Rs.150.08 crore through Preferential Issue

The Committee of Board of Directors of Balaji Telefilms Ltd in its meeting held on March 10, 2016, has approved allotment of 10720000 Equity Shares of the Company to Vanderbilt University, GHI LTP LTD, GHI HSP LTD, GHI ERP LTD, Atyant Capital India Fund-I.

The company has completed the fund raising exercise of Rs. 150.08 crore for its digital venture ALT Digital Media. 1,07,20,000 equity shares representing 14.1 per cent of the equity share capital of the company, each having face value of Rs. 2 each, have been issued and allotted on preferential basis at a price of Rs. 140 each for a total consideration of Rs. 150.08 crore. The equity shares will be locked-in for a period of one year from the date of trading approval.

The proceeds of the issue will be used to catapult the launch and growth of ALT Digital Media Entertainment Limited (ALT Digital Media), the group's foray into the B2C digital content business segment - the next growth driver for the Company. ALT Digital Media will create its own highly differentiated, original digital content platform for the entire connected ecosystem spanning mobiles, computers, tablets, smart TVs and game stations.

The Board of Directors have approved the investment of Rs. 150 crore in ALT Digital Media.

Commenting on the completion of the fund raise, Mr. Sameer Nair -Group CEO of Balaji Telefilms, said, "We are delighted to have completed this fund raising to support our growth aspirations through ALT Digital Media. We are now on a fast track mode to roll out the ALT Digital OTT platform which is set to redefine the entertainment viewing experience of Indian in India and across the globe."

Axis Capital Limited was the sole investment banker and advisor for the fund raise.

Shares of BALAJI TELEFILMS LTD. was last trading in BSE at Rs.107.55 as compared to the previous close of Rs. 107.6. The total number of shares traded during the day was 71608 in over 1413 trades.

The stock hit an intraday high of Rs. 110.9 and intraday low of 104.05. The net turnover during the day was Rs. 7691329.

Source : Equity Bulls

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