Reliance Broadcast Network operates under the brand name BIG FM Radio network with 58 stations across India.
MBL will initially acquire a 24% equity stake of RBNL by way of a preferential allotment for a total consideration of Rs. 202 crore and thereafter subject to the receipt of all regulatory approvals, MBL will acquire all of the remaining equity stake held by Reliance Capital and Reliance Land in RBNL at a total enterprise value of Rs. 1,050 crore.
In addition, Reliance Capital will receive an estimated Rs 150 crore from the disposal of other assets of RBNL which do not form part of the transaction with MBL, in accordance with the regulations.
In aggregate, the transaction will reduce Reliance Capital's outstanding debt by an estimated Rs 1,200 crore.
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