New Delhi: Shares of Balaji Telefilms soared nearly 9% on Friday after Reliance Industries Ltd (RIL) board approved a plan to pick nearly 25% stake in the company for about Rs413 crore.
The scrip zoomed 8.75% to ₹ 203—its one year high—on the BSE. On the NSE, it surged 8.62% to touch its 52-week high of ₹ 202.80. However, the scrip closed at ₹ 87.50, 0.46% higher on BSE.
Mukesh Ambani’s Reliance Industries Ltd (RIL) on Thursday said its board approved transaction to pick around 25% stake in Balaji Telefilms by acquiring 2.52 crore shares for about Rs413 crore.
In a separate filing, Balaji Telefilms said its board considered and approved an investment by RIL through a preferential issue of 2.52 crore shares at Rs164 each, aggregating Rs413.28 crore.
The Mumbai-based media and entertainment firm said proceeds from the transaction will 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.
The decision is, however, subject to Balaji Telefilms shareholders’ and other approvals.