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Balaji Telefilms completes raising funds for OTT venture
MUMBAI: Balaji Telefilms has completed raising funds for its over-the-top (OTT) venture, Alt Digital.
The company has raised Rs 150.08 crore (Rs 1.5 billion) by allotting 10.72 million equity shares representing 14.1% of the company’s equity share capital to Atyant Capital India Fund – I, Vanderbilt University, GHI LTP Ltd, GHI HSP Ltd and GHI ERP Ltd.
Commenting on the completion of the fund raising, Balaji Telefilms Group CEO Sameer Nair said, “We are delighted to have completed this fund raising to support our growth aspirations through ALT Digital Media. We are now on a fast track mode to roll out the ALT Digital OTT platform, which is set to redefine the entertainment viewing experience of Indian in India and across the globe.”
Balaji had earlier obtained shareholders’ approval for the share allotment in the extraordinary general meeting held on 5 March.
The company’s board of directors had approved investment of Rs 150 crore in ALT Digital Media.
The equity shares, having a face value of Rs 2 each, have been issued and allotted on preferential basis at a price of Rs 140 each for a total consideration of Rs 150.08 crore. In accordance with Chapter VII of the Securities & Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2009, the equity shares will be locked in for a period of one year from the date of trading approval.
The proceeds of the issue will be utilised to catapult the launch and growth of ALT Digital Media, the group’s foray into the B2C digital content business segment. ALT Digital Media will create its own differentiated, original digital content platform for the entire connected ecosystem spanning mobiles, computers, tablets, smart TVs and gaming stations.
Axis Capital Ltd was the sole investment banker and advisor for the fund raising initiative.