Reliance Broadcast Network (RBNL) is in talks with PE investors to raise USD 87 million. Chief financial officer (CFO) of the company, Asheesh Chatterjee said that they have planned to raise some money via preferential allotment of shares. The main reason for this fund raising is to reduce debt and expand its radio and television business, he added.
The company told CNBC-TV18 that it might conclude the talks by end of December. Chatterjee indicated that the Reliance Broadcast's founders, who own a little less than two-thirds of the company, will maintain their stake by infusing capital into the company at the time of the preferential allotment.
The company told CNBC-TV18 that it might conclude the talks by end of December. Chatterjee indicated that the Reliance Broadcast's founders, who own a little less than two-thirds of the company, will maintain their stake by infusing capital into the company at the time of the preferential allotment.