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Music Broadcast Ltd to acquire Reliance Broadcast Network Ltd

Posted On: 2019-06-12 15:58:09


Music Broadcast Limited has today entered into a definitive binding agreement for the acquisition of Reliance Broadcast Network Limited (RBNL).

The Turnover of RBNL as on 31st March 2019 was Rs. 256 crores (unaudited) for 40 stations out of 58 stations.

The acquisition is to expand Music Broadcast Limited (MBL) foot print Pan India including Multi frequency in major metros and large cities. The combined network will have 79 Stations making it the largest radio network in India with FM foot print of ~82% of FM markets.

MBL will acquire 24% of the equity share capital of RBNL on or before 31st July 2019 and (subject to receipt of the regulatory approval from the Ministry of Information and Broadcasting) the acquisition of the entire equity stake of promoters in RBNL (by MBL) will happen after 31st March 2020, i.e. post the expiry of the lock-in period as prescribed under the applicable law.

The acquisition of 24% equity share capital in RBNL by way of a preferential allotment for a total consideration of Rs. 202 crores and thereafter subject to the receipt of all regulatory approvals, MBL will acquire all of the remaining equity stake held by the promoters of RBNL for a consideration which will be derived from a total enterprise value of Rs. 1,050 crores (after making all necessary adjustments, using EBIDTA calculated on the basis of audited accounts for the year ended March 31, 2019).

RBNL is in the business of radio broadcasting. Company hold FM broadcasting license for 58 stations in India under the brand name "Big FM" acquired in Phase II and Phase III regime.

Shares of Music Broadcast Ltd was last trading in BSE at Rs.58.15 as compared to the previous close of Rs. 57.65. The total number of shares traded during the day was 1352 in over 37 trades.

The stock hit an intraday high of Rs. 58.35 and intraday low of 57.2. The net turnover during the day was Rs. 77757.


Source: Equity Bulls

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