RIL acquires 24.92% stake in Ekta Kapoor-owned Balaji Telefilms

Bill Rogers
July 22, 2017

In a separate regulatory filing, RIL said the company proposes to buy 2.52 crore equity shares of Balaji Telefilms Ltd. (BTL), constituting 24.92% of the post issue paid up capital of BTL, through subscription to a preference issue of equity shares for Rs. 413.28 crore in cash (Rs. 164 per equity share).

For the refining and marketing segment, Ebit (earnings before interest and tax) increased by 13.4% to Rs 7,476 crore.

The stock after making a positive opening, further jumped 3.85 per cent to Rs 1,587.70 - its multi-year high - on BSE. It also said its revenues from refining increased 18.3% to Rs 66,945 crore from Rs 56,568 crore during the year-ago period, while its revenues from petrochemicals business saw a almost 23% rise to Rs 25,461 crore from Rs 20,718 crore.

Gross refining margin, the profit earned from each barrel of crude processed, was at $11.9 in the June quarter, up from $11.5 a year earlier.

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Mukesh D. Ambani, Chairman and Managing Director, Reliance (Q,N,C,F)* Industries, said, "Our Company recorded yet another strong quarterly performance with net profit of Rs 91.08 billion, up 28% Y-o-Y".

"The listing is a significant wealth creation opportunity for retail investors and will enable them to participate in this high growth and profitable journey", Jain also said. Revenues on a consolidated basis for RIL during the quarter grew 26.7%, to Rs 90,537 crore, against RS 71,451 crore in Q1FY17. "Jio has revolutionised the Indian telecom and data consumption landscape", Mr. Ambani added. As many as 39 companies have this year announced bonus shares.

The board of directors at its meeting held on 20 July 2017, has decided to make a rights issue of 4 billion, 9 per cent non-cumulative OCPS of Rs 10 each for cash at a premium of Rs40 per OCPS, aggregating Rs20,000 crore, RJio said in an exchange filing on Thursday.

According to the company, listing of the shares was expected to be completed by FY18, subject to regulatory approvals.

Other reports by TheSundaySentinel

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