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Balaji Telefims to raise Rs 150 crore by diluting stake by 14% for ALT Digital

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Bollywood production house Balaji Telefilms will be raising Rs 150 crore from a clutch of international investors by selling 14% stake in the company, it said in BSE notification. The funds will be used launch and grow of ALT Digital, its digital content business.

Balaji Telefilms will be selling 1.07 million shares at Rs 140 each to private investment fund Atyant Capital, US-based research university Vanderbilt University, GHI HSP LTD, GHI LTP LTD and GHI LTP LTD. Following this,  the promoter and promoter group holding in the company will decrease 40.6% from 47.29%.

Interestingly in November 2015, the company had denied specific intention of selling a stake in its digital business to a global company. Television channel ET Now had reported that Balaji Telefilms was in talks with a global firm to sell a 20 percent stake, and the deal valued Balaji’s digital business at Rs 900 crore.

In August, the company announced the launch of “ALT Digital Media Entertainment Limited”, as the groups foray into the digital content business, and “the next growth driver for the Company.” The launch of ALT Digital Media will take place in early 2016. Balaji says it will move “beyond the current themes of television entertainment to set a new bench-mark with younger, edgier and smarter contemporary content that merits a different medium”.

Financials

For the quarter ended December 31, 2015 (Q3 FY16), Balaji Telefilms reported a net profit of Rs 20.66 crore. The company had reported a net profit of Rs 3.09 crore in the same quarter last year, a growth of 569%.

Balaji Telefilms revenues stood at Rs 72.03 crore growing 26% from Rs 52.27 crore in the same period last year. EBITDA grew 325% year-on-year to Rs 18.05 crore from Rs 4.25 crore in the same period last year.

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