Sun TV Network, through its subsidiary South Asia FM (SAFL), has entered into a strategic alliance with Red FM.
According to a release issued by Sun TV to the BSE today, SAFL has bought 48.9% stake in Red FM by acquiring equity of the holding companies of Red FM at par.
"The promoters of Red FM would continue to hold 51.1%. In lieu of this, the promoters of Red FM - Usha Reddy, Arjun Rao and NDTV - have through their investment companies A.H.Multisoft and NDTV News, respectively, subscribed to 35% of the enlarged equity of SAFL. The balance equity of SAFL continues to be held by its existing shareholders," the release added.
SAFL owns 23 FM radio licences all over India (except the southern states of Tamil Nadu, Karnataka, Andhra Pradesh and Kerala). It currently has two operational radio stations in Jaipur and Bhubaneshwar.
Red FM operates radio stations in Mumbai, Delhi and Kolkata, and is the number 2 player in two of the largest FM radio markets in India - Mumbai and Delhi, the release added.
According to a release issued by Sun TV to the BSE today, SAFL has bought 48.9% stake in Red FM by acquiring equity of the holding companies of Red FM at par.
"The promoters of Red FM would continue to hold 51.1%. In lieu of this, the promoters of Red FM - Usha Reddy, Arjun Rao and NDTV - have through their investment companies A.H.Multisoft and NDTV News, respectively, subscribed to 35% of the enlarged equity of SAFL. The balance equity of SAFL continues to be held by its existing shareholders," the release added.
SAFL owns 23 FM radio licences all over India (except the southern states of Tamil Nadu, Karnataka, Andhra Pradesh and Kerala). It currently has two operational radio stations in Jaipur and Bhubaneshwar.
Red FM operates radio stations in Mumbai, Delhi and Kolkata, and is the number 2 player in two of the largest FM radio markets in India - Mumbai and Delhi, the release added.
No comments:
Post a Comment