Rebecca Hawkes ©RapidTVNews | 30-08-2011
Yes Bank has been appointed by India’s Reliance Broadcast Network (RBNL) to help the group raise between INR 3-4 billion through a variety of investment mechanisms, according to Indiantelevision.com.
The decision is to facilitate both expansion and repayment of debts, of which RBNL has a reported INR 1.2 billion.
“We are planning to raise up to INR 3-4 billion this fiscal year to fund expansion in radio and TV broadcasting businesses,” Asheesh Chatterjee, chief financial officer, RBNL, is quoted as saying to Indiantelevision.com. “We have appointed Yes Bank as one of our investment bankers and are in talks with private equity players.”
The equity of the company will be expanded, potentially through private equity, QIP and strategic investment, according to the report.
RBNL shares rose 3.3% on the BSE on Monday 29 August, closing at INR 78.15.