buys 10 per cent stake in BAG Film's radio unit
IDBI Ltd has acquired a 10 per cent stake in BAG Films'
subsidiary, BAG Infotainment Pvt Ltd, which has licences
for operating ten FM radio stations in seven states.
Films said it has offloaded 20 per cent in its radio company
to two banks for Rs4 crore. The shares were issued on
While IDBI picked up 10-per cent equity Bank of Baroda
has also picked up 10 per cent shares at par in BAG Infotainment,
the company said.
Infotainment has licences for 10 FM stations across the
states of Himachal Pradesh, Punjab, Haryana, Madhya Pradesh,
Maharashtra, Bihar and Jahrkahnd.
the company reported a 4.72-per cent dent in its profits
at Rs78.7 lakh for the quarter ended September 30, 2006
from Rs82.6 lakh for the same quarter in the previous
Sales for the quarter declined 3.62 per cent to Rs11.82
crore compared with the corresponding quarter, a year
Infotainment will be diluting an additional 20 per cent
to a foreign private equity investor at a higher valuation.
The promoters will keep the remaining 60-per cent stake
in the company.
is mandatory for the promoter of private FM radio stations
to have at least 51 per cent holding in the company.
has earmarked an investment of Rs48 crore for its radio
business. The company has already pumped in Rs14 crore,
including Rs5 crore towards licence fee for the 10 radio
stations it plans
of company were trading at Rs12.30, up 3.36 per cent on
the BSE. Total volume of shares traded was 396,459 in
the morning session.
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