Reliance to sell BIG FM to Music Broadcast for 'enterprise value' of Rs 1,050 cr

Anil Ambani's Reliance Group will sell its stake in
Reliance Broadcast Network Ltd (RBNL), which operates Big FM radio channels,
While, providing details of the deal, Reliance Capital in a statement said: "MBL will initially acquire a 24 per cent 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."
Commenting on the development, Reliance Capital CFO Amit Bapna said: "This transaction is part of our overall strategy to reduce exposure in non-core businesses and will reduce Reliance Capital's debt by an estimated Rs 1,200 crore."