Anil Ambani group firm Reliance Broadcast Network today said its shareholders have approved the allotment of five crore shares to promoters and non- promoter entities.
The company, at its extraordinary general meeting held on Saturday, had approved issuing five crore shares at a likely price of Rs 85 apiece or more, Reliance Broadcast Network Ltd (RBNL) said in a filing to the Bombay Stock Exchange.
At the issue price of Rs 85 each, the company would raise Rs 425 crore. The relevant date for determining the issue price of the equity shares shall be August 26, being the date 30 days prior to the date of the EGM, the filing added.
"The above preferential issue will not result in any change in control of the company," the company said.
Prior to the issue of shares, the total promoters shareholding stood at 65.52 per cent, or 3,02,22,978 equity shares, while non-promoters held 1,59,03,192 shares, or 34.48 per cent.
Following the issuance, the promoters now have a 63.35 per cent stake, while non-promoters hold the remaining 36.65 per cent in RBNL.
The issued equity shares shall be locked in for a period of three years from the date of the allotment in case of the promoters and one year from the date of allotment for other investors, the filing said.
Shares of Reliance Broadcast Network were trading at Rs 104.30 on the BSE today, down 2.57 per cent from the previous close.
