Mauritius based foreign institutional investor Fidelity (FID Funds Ltd) has taken a 10 per cent stake in B.A.G Films and Media. The investment is to the tune of Rs 620 million.
The equity was approved today at the B.A.G's board of directors meeting. The directors also approved the issue of 10 million warrants to M/s. Anu Films and Communications Pvt Ltd, which is the promoter group of the company.
It also announced an increase in the authorised capital of the company from the existing Rs 250 million to Rs 300 million.
“We are delighted to have an internationally acclaimed company as our partner in our endeavour for expansion in 360 degree of media space. Going forward, we are confident of continuing to achieve all the milestones as planned,” says B.A.G Films and Media Ltd MD Anuradha Prasad.
The announcements come approximately two months after B.A.G informed Indiantelevision.com about its plans to raise $35 million (approximately Rs 1.4 billion) through a foreign currency convertible bond (FCCB) issue.
The amount raised will be towards meeting capex requirements for its four proposed TV channels. The company is making a combined investment of Rs 4 billion in its broadcasting business.
B.A.G Newsline Network, a subsidiary of B.A.G Films and Media Ltd, recently obtained the licence for its news and current affair's channel News24 and wellness channel Bliss24.
Source: Indian Television