MUMBAI: Balaji Telefilms Limited (Balaji Telefilms) has completed the fund raising exercise of Rs. 150.08 crore for its digital venture ALT Digital Media. 1,07,20,000 equity shares representing 14.1 per cent of the equity share capital of the company, each having face value of Rs. 2 each, have been issued and allotted on preferential basis at a price of Rs. 140 each for a total consideration of Rs. 150.08 crore The shares were issued to Atyant Capital India Fund - I, Vanderbilt University, GHILTP Ltd., GHIHSP Ltd. and GHIERP Ltd.
The equity shares will be locked-in for a period of one year from the date of trading approval.
The proceeds of the issue will be used to catapult the launch and growth of ALT Digital Media Entertainment Limited (ALT Digital Media), Balaji Telefilm's foray into the B2C digital content business segment touted as the next growth driver for the Company. The board of directors of the company has approved investment of Rs. 150 crore in ALT Digital Media ALT Digital Media will create its own highly differentiated, original digital content platform for the entire connected ecosystem spanning mobiles, computers, tablets, smart TVs and game stations.
Commenting on the completion of the fund raise, Balaji Telefilms group CEO Sameer Nair, said, "We are delighted to have completed this fund raising to support our growth aspirations through ALT Digital Media.
We are now on a fast track mode to roll out the ALT Digital OTT platform which is set to redefine the entertainment viewing experience of Indian in India and across the globe."
The transaction was facilitated by Axis Capital Limited, being the sole investment banker and advisor for the fund raise.