India’s Reliance Broadcast in talks with prospective PE investors
Reliance Broadcast Network is in talks with private equity investors over the sale of INR4 billion ($87 million) in preferential shares. Asheesh Chatterjee, Reliance’s CFO, told The Wall Street Journal that the company hopes to reach agreements by the end of December.
Reliance's founders would maintain their holding in the company - which stands at less than two-thirds - by injecting new capital alongside the preferential allotment. Chatterjee added that the company is also in talks with potential strategic investors for its proprietary shows and television production business.
Reliance is looking for funding to repay debts that amounted to INR1.2 billion at the end of June and to expand its radio and television business. The company operates television channels, runs FM radio stations, produces television shows for rival channels and operates an outdoor advertising business and a marketing unit.
India plans to auction 839 private radio licenses in about 227 towns and cities as part of the third phase of FM liberalization, and Reliance is keen to participate in the bidding.
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