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HDIL Infra finally gets MIB nod to sell stake in Broadcast Initiative
MUMBAI: HDIL Infrastructure, which has been trying to sell its stake in Broadcast Initiative Ltd —the operator of Hindi news channel Live India and Marathi entertainment channel Mi Marathi—has finally got the no-objection certificate from the Ministry of Information and Broadcasting (MIB) for changes in the shareholding pattern.
HDIL, which held 52.30 per cent (13,240,168 shares) in BIL, has been looking to sell its stake for over two years. In September last year, it had signed an agreement with Pune-based Prosperity Agro India Ltd (PAIL),which agreed to pay Rs 50.05 million for the stake.
With the approval received from the MIB, HDIL will now be able to sell the stake to PAIL.
Following the agreement last year, PAIL was to file an open offer document with the Securities and Exchange Board of India (SEBI) as stipulated under the Substantial Acquisition of Shares and Takeovers (SAST) Regulation, 2011.
PAIL already has filed open offer to buy an additional 26 per cent stake in BIL for Rs 4.90 per share. PAIL will be spending Rs 32.2 million towards the acquisition of the stake and has already deposited Rs 1.5 million in the Escrow Account as required under the SAST Regulation, 2011.
On the basis of the open offer, PAIL will be spending close to Rs 82 million to acquire 19,821,800 equity shares (or 78.30 per cent) of BIL.
BIL was originally promoted by Shri Adhikari Brothers. The founder-promoters sold the company to Rakesh Kumar Wadhawan and his family, the promoter of HDIL in 2008. HDIL was allotted six million equity shares (face value Rs 10 each) of BIL at a price up to Rs 36.50 per share on a preferential basis for a total consideration of Rs 219 million.