Music Broadcast Ltd - 540366 - Outcome of Board Meeting
The Board of Directors in their meeting held today which commenced at 4.00 p.m. and concluded at 5.20 p.m., the Board has inter-alia:- i. Approved the Financial results for quarter and year ended March 31, 2019. A copy of Audited Financial results along with Auditor's report thereon and a declaration with respect to Audit Report with unmodified opinion on the Audited Financial results are enclosed herewith. ii. Subject to entering into definitive binding agreements, the Board approved:- a. Proposed investment, the terms of which are being finalised, in Reliance Broadcast Network Limited ('RBNL') by way of a preferential allotment for a 24% equity stake for a consideration of Rs 202 Crores; and b. On receipt of all regulatory approvals, proposed acquisition of the entire stake held by the promoters of RBNL basis an enterprise value of Rs 1050 Crores after making adjustment for variation, if any, on the basis of audited accounts for the year ended March 31, 2019.27-05-2019