Reliance Capital of the Anil Ambani group has decided to sell its FM radio business by divesting its entire stake in BIG FM Radio to Jagran Prakashan-owned Music Broadcast Ltd (MBL) for an estimated value of Rs 1,200 crore. AdvertisingReliance Capital and Reliance Land will divest their entire equity stake in Reliance Broadcast Network Ltd (RBNL) to Music Broadcast Ltd (MBL). “This transaction is part of our overall strategy to reduce exposure in non-core businesses and will reduce our debt by an estimated Rs 1,200 crore,” the statement Reliance Capital CFO Amit Bapna said in a statement. RBNL operates under the brand name BIG FM Radio network with 58 stations across the country. MBL will initially acquire a 24 per cent equity stake of RBNL by way of a preferential allotment for Rs 202 crore.

Source: Indian Express May 27, 2019 23:03 UTC