- Hathway’s cable TV and broadband capex to be Rs 270 cr in FY18
- Cut in interconnect charge may boost RIL's EPS by 8%
- Package soon to boost economy; no cuts in fuel rates: Arun Jaitley
- Global child bride racket busted in Hyderabad, 20 arrested
- Tracked so far: Rs 75 crore in Dera bank accounts
- Violence in Tripura: Journalist hacked to death, sec 144 imposed
Balaji Telefilms appoints Axis Capital to raise funds for ALT Balaji
MUMBAI: Balaji Telefilms has appointed Axis Capital as banker to scout for investors for its over-the-top (OTT) service ALT Balaji.
The TV production major has said that several financial and strategic investors have expressed interest in tying up with ALT Balaji. The management is actively considering the options available and has appointed Axis Capital as bankers for the investments.
In February 2016, the company had raised Rs 150 crore (Rs 1.5 billion) through allotment of 1,07,20,000 equity shares at Rs 140 each on preferential basis to Atyant Capital India Fund – I, Vanderbilt University, GH, GHI LTP, GHI HSP and GHI ERP for launching ALT Balaji. The company had diluted 14.1% equity in that transaction. Axis Capital had mediated the deal.
ALT Balaji, which is housed under ALT Digital Media Entertainment, has secured 2.4 million downloads since its commercial launch on 16 April.
Balaji further stated that the management has decided to concentrate a significant portion of its bandwidth and the company’s available resources on high potential business segments like TV production and OTT.
The television business, with its strong brand and creative track record, has been a consistent performer for BTL and will continue to occupy a significant portion of the management’s bandwidth, the company added.
As reported earlier by TelevisionPost.com, Balaji is planning to invest up to Rs 400 crore in ALT Balaji and is eyeing break-even in 3.5 years. ALT Balaji hopes to become profitable when it attains four million paid subscribers in India and abroad.
The ad-free, subscription-based platform is initially charging Rs 30 per month from subscribers. The first five episodes of every show will be available for free.
ALT Balaji, which will offer 250+ hours of original content, has four key content areas—original shows, movies, kids and comedy.
The OTT platform is expected to consume an annual expenditure of Rs 120 crore for the next three years with 80 per cent of this expenditure going into content production.
ALT Balaji is planning to launch 32 new shows in various Indian languages such as Hindi, Tamil, Telugu, Gujarati and Punjabi across genres such as comedy, drama, thriller, horror and biography.
Some of these shows are ‘Maya Thirrai’, ‘Ragini MMS 2.2’, ‘Dhimaner Dinkaal’, ‘[XXXXX]’, ‘Selfiewali PM’, ‘Judaai’, ‘Punchbeat’, ‘Bose’, ‘Kehne Ko Humsafar Hai’, ‘Broken’, ‘Kapoors’, ‘Four Play’, ‘Girlgiri’, ‘Bandhan’, ‘Home’, ‘Vanity Fair’, ‘CyberSquad’, ‘Mehrunisa’, ‘Cover Girl’, ‘EK Bhoot’, ‘The Mirza Girls’, ‘Dysfunctional’, ‘Mafia’, ‘Mangalyaan’ and ‘Kali’.