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BCCL to invest in Adlabs Entertainment
MUMBAI: Media firm Bennett, Coleman and Co Ltd (BCCL) will invest in Manmohan Shetty’s Adlabs Entertainment even as the theme parks operator plans to raise Rs 200 crore via qualified institutional placement (QIP).
Adlabs will issue convertible warrants worth up to Rs 12 crore to BCCL and allot about 12.6 lakh preferential shares currently valued at around Rs 11 crore.
BCCL is the publisher of leading print brands The Times of India and The Economic Times. It also owns and operates a clutch of television channels including Times Now, ET Now, Movies Now, Romedy Now, Zoom and MN+.
Adlabs’ board has also approved the issuance of securities to qualified institutional buyers to raise up to Rs 200 crore.
Adlabs, which is backed by ICICI Venture Funds Management Company Ltd and Jacob Ballas India Fund, reported revenue of Rs 60.46 crore in the fiscal third quarter ended 31 December, down from Rs 73.19 crore a year ago.