Reliance Industries (RIL) on 23 March 2018 executed definitive agreements for combination of Saavn, a leading global music OTT platform, with its digital music service, JioMusic. The combined entity is valued at over US$1 billion, with JioMusic's implied valuation at US$ 670 million. The integrated business will be developed into a media platform of the future with global reach, cross-border original content, an independent artist marketplace, consolidated data and one of the largest mobile advertising mediums.
RIL will also invest upto Rupee equivalent of US$100 million, out of which Rupee equivalent of US$20 million will be invested upfront, for growth and expansion of the platform into one of the largest streaming services in the world. The company will continue to operate the over-the-top media platform available on all app stores. The three co-founders of Saavn, Rishi Malhotra, Paramdeep Singh and Vinodh Bhat, will continue in their leadership roles and will drive growth of the combined entity.
In addition, RIL is acquiring partial stake from the existing shareholders of Saavn for US$104 million, while these shareholders retain their balance stake. The shareholder base of Saavn includes Tiger Global Management, Liberty Media and Bertelsmann among others. The announcement was made after market hours on Friday, 23 March 2018.
Indiabulls Real Estate said that the company's wholly owned subsidiaries, pursuant to their respective board authorizations, have executed definitive transaction documents with the entities controlled by the Blackstone Group L.P., to divest their entire holding in certain subsidiaries and thereby indirectly divesting 50% stake in Indiabulls Properties (IPPL) and Indiabulls Real Estate Company (IRECPL) at an aggregate enterprise value of approximately $1461.5 million equivalent to Rs 9500 crore (transaction). The announcement was made after market hours on Friday, 23 March 2018.
Substantial part of sale proceeds would be utilized towards repayment of existing debts of the company and its subsidiaries, and for achieving sustainable long term growth and for further strengthening of on-going businesses. The transaction is expected to be concluded during this financial year. Post conclusion of transaction, the company will cease its sole control over IPPL and IRECPL.
In a separate announcement made on Sunday, 25 March 2018, the company has entered into definitive transaction document(s) to sell its stake in its wholly owned subsidiaries, namely Selene Estate and Airmid Infrastructure (owning residential assets at Chennai) to a third party investor, for an aggregate consideration of Rs 285 crore.
NHPC announced that it has fully commissioned a 50 megawatts (MW) solar power project in Theni/Dindigul District of Tamil Nadu on 23 March 2018. The announcement was made after market hours on Friday, 23 March 2018.
Sandur Manganese & Iron Ores said that manganese ore annual production in mining lease No.2679 has been increased from 7,400 to 32,000 tonnes as approved on 23 March 2018 by Central Empowered Committee constituted by the Supreme Court. The announcement was made after market hours on Friday, 23 March 2018.
Lumax Auto Technologies' board of directors has considered and approved a 5-for-1 stock split proposal. The announcement was made after market hours on Friday, 23 March 2018.
OnMobile Global's board of directors on 23 March 2018 approved the appointment of Ganesh Murthy as Chief Financial Officer of the company with effect from 26 March 2018. Murthy had earlier worked with CSS Corp as EVP & CFO and was responsible for the finance, procurement, facilities and legal functions. The announcement was made after market hours on Friday, 23 March 2018.
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