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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.
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.

Balaji Telefilms pares gains to close slightly higher on RIL stake buy nod

Shares of Balaji Telefilms soared nearly 9% before closing 0.46% higher on BSE after RIL board approved a plan to pick nearly 25% stake in the company for about Rs413 crore

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.

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