Balaji Telefilms Ltd. raised Rs 130.6 crore on Thursday by way of preferential issue of shares at a price of Rs 73.17 apiece, representing a discount of 17.3% to the day's close on the BSE.
The board approved allotment of 1.78 crore shares to eight investors, which includes promoter Ekta Kapoor, who invested Rs 25 crore, according to an exchange filing. The producer's equity stake in the company will rise from 18.16% to 18.3% after the preferential issue.
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Other public investors classified as foreign entities are Atyant Capital India, Vanderbilt University-Atyant Capital Management, Gothic Corp., the Duke Endowment, Gothic HSP Corp., Employees' Retirement Plan of Duke University.
The Mumbai-based company will convene an extraordinary general meeting on Jan. 11 through video conferencing to seek shareholders' approval for the allotment.
Balaji Telefilms produces Indian soap operas in several Indian languages, reality TV, comedy, game shows, entertainment, and factual programming and owns OTT platform Alt Balaji. The company is promoted by Ekta Kapoor and Shobha Kapoor.
The company reported a revenue of Rs 144.4 crore in the September quarter of the current fiscal and net profit of Rs 4.6 as compared to loss of Rs 2.2 in the previous quarter.
Share of Balaji Telefilms closed 0.87% higher at Rs 88.52 apiece on the BSE, compared to a 1.2% decline in the benchmark Sensex. The share price has risen 10% in the last 12 months.
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