HDIL Infra finally gets MIB nod to sellstake in Broadcast Initiative

[Dinesh jain]

HDIL Infrastructure, which has been
trying to sell its stake in Broadcast Initiative Ltd
—the operator of Hindi news channel Live India
and Marathi entertainment channel Mi Marathi—
has finally got the no-objection certificate from
the Ministry of Information and Broadcasting
(MIB) for changes in the shareholding pattern.
HDIL, which held 52.30 per cent (13,240,168
shares) in BIL, has been looking to sell its stake
for over two years. In September last year, it had
signed an agreement with Pune-based Prosperity
Agro India Ltd (PAIL),which agreed to pay Rs
50.05 million for the stake.

With the approval received from the MIB, HDIL
will now be able to sell the stake to PAIL.
Following the agreement last year, PAIL was to
file an open offer document with the Securities
and Exchange Board of India (SEBI) as stipulated
under the Substantial Acquisition of Shares and
Takeovers (SAST) Regulation, 2011.

PAIL already has filed open offer to buy an
additional 26 per cent stake in BIL for Rs 4.90
per share. PAIL will be spending Rs 32.2 million
towards the acquisition of the stake and has
already deposited Rs 1.5 million in the Escrow
Account as required under the SAST Regulation,
2011.

On the basis of the open offer, PAIL will be
spending close to Rs 82 million to acquire
19,821,800 equity shares (or 78.30 per cent) of
BIL.

BIL was originally promoted by Shri Adhikari
Brothers. The founder-promoters sold the
company to Rakesh Kumar Wadhawan and his
family, the promoter of HDIL in 2008. HDIL was
allotted six million equity shares (face value Rs
10 each) of BIL at a price up to Rs 36.50 per
share on a preferential basis for a total
consideration of Rs 219 million.

HDIL Infra finally gets MIB nod to sell stake in Broadcast Initiative | TelevisionPost.com