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Balaji Telefilms is planning to raise ₹150 crore for its new digital venture ALT Digital Media.
Balaji will raise the funds by issuing 1.07 crore preference shares at ₹140 each to select global investors such as Atyant Capital India Fund - I, Vanderbilt University, GHI LTP Ltd, GHI HSP Ltd and GHI ERP Ltd.
The issue price represents a 26 per cent premium over the average weekly high and low of the volume weighted average share price of the company during the past 26-week period.
The proposed issue will result in a dilution of 14.1 per cent of the equity share capital of the company and the post-issue promoter and promoter group holding in the company will be 40.6 per cent.
The funds will be channelled in the launch of ALT Digital Media Entertainment Ltd, which will operate as subscription video on demand (SVOD) based over the top (OTT) platform targeted towards urban Indians and the Indian diaspora.
ALT Digital Media plans to create differentiated, original digital content for the entire connected ecosystem spanning mobile devices, web, smart TVs and game stations.
The transaction was facilitated by Axis Capital, being the sole investment banker and advisor.
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