Reliance Capital and Reliance Land sold their entire equity stake in Reliance Broadcast Network to Music Broadcast Limited (MBL) for ₹10.5 billion (US$150 million).
Reliance Broadcast operates under the brand name BIG FM Radio network with 58 stations across the country. MBL is part of the Jagran Group and operates radio stations under the Radio City brand name. The acquisition will expand its network to 79 radio stations making it the largest radio network in India.
“Our client MBL will acquire 24% of the equity share capital of Reliance Broadcast by way of a preferential allotment for a total consideration of ₹2 billion,” Khaitan & Co partner Rajat Mukherjee told India Business Law Journal.
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