MUMBAI: Reliance Broadcast Network (RBNL), the media entity from the Reliance ADA Group that houses the radio and Out-of-Home business, has raised Rs 2.83 billion by preferential allotment of 33.32 million equity shares at a price of Rs 85 per share.
The company has allotted 12.95 million shares to investors and 20.37 million equity shares to the promoter group.
As of 30 September, promoters' holding in RBNL is at 63.66 per cent, up from 61.47 per cent in the period ended 30 June.
RBNL CEO Tarun Katial said,Having raised funds from the market, we are uniquely poised to participate in prospective future growth opportunities across business verticals, including new radio licences in Phase III, adding to the bottom line as we grow further....
RBNL has used Rs 331.6 million out of this to repay the debt and accured interest, while Rs 1.10 billion is kept as fixed deposit and remaining Rs 1.40 billion is kept as balance in the bank (as of 30 September).