Balaji completes fund raise for ALT Digital; OTT platform rollout soon

Subsequent to obtaining approval of the shareholders in the Extraordinary General Meeting on March 5, 2016, Balaji Telefilms has completed the allotment of 10,720,000 equity shares representing 14.1 per cent of the equity share capital of the company to Atyant Capital India Fund – I, Vanderbilt University, GHI LTP, GHI HSP and GHI ERP.

The equity shares, having face value of Rs 2 each, have been issued and allotted on preferential basis at a price of Rs 140 each for a total consideration of Rs 150.08 crore. The equity shares will be locked-in for a period of one year from the date of trading approval.

The proceeds of the issue will be utilised to catapult the launch and growth of ALT Digital Media Entertainment, the group’s foray into the B2C digital content business segment – the next growth driver for the company. ALT Digital Media will create its own highly differentiated, original digital platform for the entire connected ecosystem spanning mobiles, computers, tablets, smart TVs and game stations.

The Board of Directors of the company has approved investment of Rs 150 crore in ALT Digital Media.

Commenting on the completion of fund raise, Sameer Nair, Group CEO, Balaji Telefilms, said, “We are delighted to have completed this fund raising to support our growth aspirations through ALT Digital Media. We are now on a fast track mode to roll out, the ALT Digital OTT platform which is set to redefine the entertainment viewing experience in India and across the globe.”

Axis Capital was the sole investment banker and advisor for the find raise.