HDIL is making foray into Broadcasting. HDIL Group through its various companies and individual members is acquiring 51% shareholding in Broadcast Initiative Limited (BIL), one of the leading National Hindi News Channel, 51% shareholding in Sri Adhikari Brothers Media Limited (SABML), operating regional Marathi Channels (Mi Marathi) and 51% in Technocraft Media Private Limited (TMPL) starting to Broadcast Regional Bhojpuri Channel.

HDIL Group through its associates and individual members pursuant to the Agreement entered into with existing Promoters of BIL, will acquire 51% in BIL throught a mix of Preferential issue of shares, Equity purchase from Existing Promoters and a subsequent Open Offer under SEBI’s Substantial Acquisition of Shares and Takeover Regulations (SAST), 1997. Adhikari Brothers will retain a balance shareholding which may be up to 24% post completion of transaction. The transaction subject to shareholders and other regulatory approvals, was unanimously approved by the Board of Directors of BIL at a meeting held in Mumbai today.

Simultaneously, with the transaction of acquiring 51% in BIL, HDIL Group is acquiring 51% in both SABML operating Regiional 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 SABML and TMPL.

HDIL Group and BIL believe that this transaction will create significant long term value for all stakeholders.

Mr. Rakesh Kumar Wadhawan, Chairman of the HDIL Group, said “The acquisition of 51% 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 Companies run excellent state of the art National Hindi News Channel LIVE INDIA and a popular Marathi Channel MI Marathi, which is close to the heart of the ‘Marathi Manoos’. 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. Etc”.

Mr. Markand Adhikari, Vice Chairman and Managing Director of Broadcast Initiatives Limited., said” I am delighted to announce our association with the HDIL Group. The Partnership puts us on a new and much stronger platform to harness our capabilities and cope with the increasing competition in the National and Regional broadcasting segment. Sri Adhikari Brothers core strength lies in its creative abilities but to face the other players in the broadcasting segment, we needed to partner with a strong and aggressive player like HDIL Group to put us into a new orbit and achieve sustainable growth in the medium and long term”.

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