Balaji Telefilms today said several financial and strategic investors have expressed "strong interest" to partner for its over-the-top content platform ALTBalaji and its board will meet tomorrow to consider various fund raising options.
The statement followed clarification sought by the stock exchanges from Balaji Telefilms on media reports that the company may sell up to 26 per cent stake in ALTBalaji and is in talks with Zee Entertainment, Reliance Jio and an international studio, among others.
Zee, however, in a separate clarification said that it there is "no proposal" for such an acquisition.
In its reply to the stock exchange, Balaji Telefilms said, "The company through a press release dated May 24, 2017, has informed the exchanges that it is in dialogue with several financial and strategic investors.
"These investors have expressed strong interest to partner with ALTBalaji and the Board is actively considering the options available."
The board of Balaji Telefilms is scheduled to meet tomorrow to consider various fund raising options to enhance shareholders value, it said further.
Responding to BSE query, Zee said: "The company regularly explores various synergic opportunities for expansion in media business, there is no proposal relating to acquisition of any stake in ALTBalaji by the company."
In May this year, Balaji Telefilms appointed Axis Capital as banker for the investments after several financial and strategic investors expressed interest in its over-the- top subscriber video- on-demand platform ALTBalaji.
Balaji Telefilms plans to invest up to Rs 400 crore in its ALTBalaji.
It offers multiple genres like thriller, comedy, dramatic love stories and kids programming, will initially charge Rs 30 per month. First five episodes of every show are available free for viewing.
The ad free, subscription based platform plans to offer more than 250 hours of original, exclusive content to its subscribers.
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