Anil Ambani to sell BIG FM for Rs 1,050 cr to Jagran's Music Broadcast

MBL will initially acquire a 24% equity stake of RBNL through a preferential allotment for a total consideration of Rs 202 crore

Anil Ambani-led Reliance Group’s Reliance Capital and Reliance Land will divest the entire equity stake in Reliance Broadcast Network (RBNL) to Jagaran Prakashan-owned Music Broadcast (MBL). 

RBNL operates 58 radio stations across the county under the brand name BIG FM Radio, while MBL operates radio stations under Radio City (39 stations). MBL will initially acquire a 24 per cent equity stake of RBNL through a preferential allotment for a total consideration of Rs 202 crore and, thereafter, subject to the receipt of regulatory approvals, it will acquire all of the remaining equity stakes held by Reliance Capital and Reliance Land in