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

Music Broadcast

28/05/2019 07:58

** 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))