HDIL acquires 51 percent stake in Sri Adhikari BrothersJune 25th, 2008 - 1:52 am ICT by IANS
New Delhi, June 24 (IANS) Realty major Housing Development and Infrastructure Ltd (HDIL) is making foray into broadcasting by acquiring 51 percent holding Sri Adhikari Brothers Media Limited (SABML), the company announced Tuesday. The company is also buying 51 percent shareholding in Broadcast Initiative Limited (BIL) and 51 percent in Technocraft Media Private Limited (TMPL).
HDIL Group will acquire 51 percent in BIL through a mix of preferential issue of shares. The transaction was unanimously approved by the Board of Directors of BIL at a meeting held in Mumbai Tuesday.
Simultaneously, HDIL Group is acquiring 51 percent in both SABML operating regional Marathi Channel (Mi Marathi) and TMPL starting Regional Bhojpuri Channel through a mix of fresh issue of capital in SABML and TMPL Companies and purchase of Equity from existing shareholders of both companies.
Rakesh Kumar Wadhawan, chairman, HDIL Group, said: “The acquisition of 51 percent stake in BIL, SABML and TMPL is part of the Group’s long term strategy of becoming a significant player in the fast growing Media and Entertainment space. This will prove to be an ideal entry point for the group, because of the vast media experience of Adhikari Brothers.
“The future plan is to create a bouquet of regional news and entertainment channels and to become a leading media conglomerate by entering into other assets such as Film Production, Distribution , Studio facilities, he added.
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Tags: adhikari, bil, broadcast initiative, entertainment channels, entertainment space, film production, foray, hdil, housing development, infrastructure ltd, marathi channel, media conglomerate, media experience, New Delhi, preferential issue, production distribution, regional news, shareholding, term strategy, tmpl