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MUMBAI: India Bulls promoter Sameer Gehlaut is picking up
a minority stake in Anuradha Prasad-owned B.A.G Films' television
news venture. The broadcasting activity will be under a separate
entity, B.A.G Newsline Network Pvt Ltd.
Gehlaut is acquiring 12.5 per cent stake while B.A.G Films
will hold 60 per cent in the company, a source close to the
company says. The valuation would be around Rs 2 billion,
he adds.
B.A.G Films is also planning to launch three channels including
in the lifestyle segment. The non news channels will be housed
under a company called B.A.G Glamour, the source says. "The
news and non news ventures will be under two different companies.
B.A.G Films will have a majority holding in both of them. The
structure and business plan of B.A.G Glamour is being finalised,"
he adds.
Gehlaut had earlier bought 25 per cent stake in B.A.G Films
for Rs 262 million. The acquisition was through a preferential
allotment of up to 20,250,000 equity shares of Rs 2 each at
a price of Rs 13 per share.
Subsequently, B.A.G Films diluted 12.55 per cent on an expanded
equity to Kolkata-based High Growth Distributors (P) Ltd.
for Rs 261 million. On the expanded equity, Gehlaut's holding
in B.A.G Films has dropped to 19 per cent while the promoters
have 38.39 per cent after the dilution.
In the FM radio business run through subsidiary company B.A.G
Infotainment, IDBI Bank has picked up a 10 per cent stake.
The deal with Bank of Baroda for a similar stake did not conclude.
TV content companies have been looking at entering the broadcasting
business as a natural extension to growth. Balaji Telefilms
is also eyeing the space with Star as a partner for launching
a Telugu channel.
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