Anil Ambani-owned Reliance Group's Reliance Capital and Reliance Land is looking to divest the entire equity stake in Reliance Broadcast Network Ltd. (RBNL) to Jagran Prakashan-owned Music Broadcast Ltd. (RBL).
Currently, RBNL operates 58 radio stations across the county under the brand name BIG FM Radio, whereas MBL operates radio stations under Radio City (39 stations). After the stake is handed to MBL by Ambani, the radio company will acquire a 24 per cent equity stake of RBNL through a preferential allotment for a total consideration of ₹202 crore.
However, later, subject to the receipt of regulatory approvals, MBL will acquire all of the remainder of equity stakes held by Reliance Capital and Reliance Land in RBNL at an enterprise value of ₹1,050 crore.
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