Anil Ambani group to sell Big 92.7 FM stake to Jagran Prakashan group

MUMBAI: The Anil Ambani group’s Reliance Capital and Reliance Land are to sell their stake in the group’s FM radio venture Big 92.7 FM to Music Broadcast Ltd., part of Jagran Prakashan group, Reliance Capital said in a press release on Monday.

The deal, subject to regulatory approvals, would bring down Reliance Capital’s debt by around Rs 1,200 crore, it said. Reliance Capital and Reliance Land would sell their entire stake in Reliance Broadcast Network Limited, operating under the brand name Big FM Radio Network, to Music Broadcast Limited.

As per the deal structure, Music Broadcast will buy a 24 per cent stake in Reliance Broadcast by way of preferential allotment for Rs 202 crore initially, and later buy the Reliance Capital and Reliance Land stakes at an enterprise value of Rs 1,050 crore once regulatory approvals are in place.