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It's a remarkable journey for a television content upstart. BAG Films and Media Ltd, the company owned by politician-cum-Indian cricket official, Rajeev Shukla, and his wife Anuradha Prasad, has raised Rs 67.62 crore ($17 million) by selling about 11 per cent stake to Fidelity. That values the Noida-based listed company at about Rs 600 crore or $150 million.
The company will issue 10,379,232 equity shares to FID Funds Mauritius Ltd, an arm of the US-based Fidelity Funds. This would represent 11.11 per cent of the entire equity capital of the company. The shares are trading at Rs 65.15.
In January this year, Indiabulls co-founder and chairman Sameer Gehlaut had picked up 25 per cent stake for $5.7 million in BAG Films. Gehlaut had picked up 20,250,000 equity shares of Rs 2 each at a price of Rs 13 per share. Likewise, IDBI Bank and Bank of Baroda had picked up 10 per cent each in BAG Films’ radio venture, BAG Infotainment.