The board of Music Broadcast on Monday approved the acquisition of radio business undertaking – ‘Friends 91.9 FM’ - of Ananda Offset Private Ltd on slump sale basis, subject to regulatory approvals.
The turnover of the target business was ₹10.80 crore for FY 17. The deal is cash consideration of ₹35 crore (minus) net external debt (plus/minus) differential of normalised working capital adjustment of ₹9.24 crore.
Shareholders will monitor the development closely.