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RADIOCITY - Music Broadcast News Story

₹24.6 0.6  2.5%

Last Trade - 09/04/21

Sector
Consumer Cyclicals
Size
Small Cap
Market Cap £83.0m
Enterprise Value £65.2m
Revenue £12.8m
Position in Universe 885th / 3106

BUZZ-India's Reliance Capital jumps, Reliance Broadcast Network stake sale to help pare debt

Tue 28th May, 2019 7:58am
** Shares of Reliance Capital Ltd  RLCP.NS  climb 7.5% to
144 rupees, highest since May 2
    ** Reliance Capital Group will divest entire stake in
Reliance Broadcast Network Ltd (RBNL), which operates under the
name 'BIG FM Radio', to Music Broadcast Ltd  MUSI.NS , co said
Monday  urn:newsml:reuters.com:*:nFWN2330B4 
    ** Music Broadcast to first buy 24% stake in RBNL via
preferential allotment for 2.02 bln rupees ($29.02 mln), and
then buy remaining equity stake held by Reliance Capital and
Reliance Land in RBNL for 10.50 bln rupees
    ** Reliance Capital to also get 1.50 bln rupees from sale of
other RBNL assets; in total, deal will reduce co's outstanding
debt by 12 bln rupees
    ** Together with recently announced stake sale in Reliance
Nippon Asset Management  RELL.NS  and other monetization plans,
co's debt is expected to reduce by about 120 bln rupees in
current FY
    ** ~14.6 mln Reliance Capital shares change hands by 0641
GMT, vs 30-day avg of 20.8 mln shares
    ** Reliance Capital's stock down 41.7% this year as of last
close
    
($1 = 69.6125 Indian rupees)

 (Reporting by Chris Thomas in Bengaluru)
 ((chris.thomas@thomsonreuters.com; +91-80-6749-8695; Reuters
Messaging: chris.thomas.thomsonreuters.com@reuters.net))
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