HDIL did not disclose the acquisition price. HDIL will acquire the stake in BIL, which runs and which runs Hindi news channel Live India, through a mix of fresh issue of preferential shares, equity shares from promoters and subsequent open offer. Sri Adhikari Brothers will retain a balance shareholding which may be up to 24 per cent after the stake sale, HDIL said in a release.
HDIL is acquiring 51 per cent in both SABML and TMPL through a mix of fresh issue of capital in SABML and TMPL and purchase of equity shares from existing shareholders of SABML and TMPL.
Rakesh Kumar Wadhawan, chairman of the HDIL, said "The acquisition of 51 per cent stake in BIL SABML and TMPL is part of the group's long term strategy of becoming a significant player in the fast growing media and entertainment space. This will prove to be an ideal entry point for the group, because of the vast media experience of Adhikari Brothers.
''Future plan is to create a bouquet of regional news and entertainment channels and to become a leading media conglomerate by entering into other assets such as film production, distribution , studio facilities etc", Wadhawan said.
Markand Adhikari, vice chairman and managing director of Broadcast Initiatives, said" The Partnership puts us on a new and much stronger platform to harness our capabilities and cope with the increasing competition in the national and regional broadcasting segment. Sri Adhikari Brothers core strength lies in its creative abilities but to face the other players in the broadcasting segment, we needed to partner with a strong and aggressive player like HDIL Group to put us into a new orbit and achieve sustainable growth in the medium and long term".
BIL shares closed at Rs 30.75, nearly 3.19 per cent higher than Monday's close.
