Mid-day Multimedia Ltd on Tuesday said the Netherlands-based BBC Worldwide Holdings BV will invest Rs 31.85 crore (Rs 318.5 million) to acquire stake in Radio Mid-day West (India) Pvt Ltd.
BBC Worldwide has entered into an agreement with Mid-day Multimedia to invest Rs 31.85 crore in the equity shares of Radio Mid-day, a subsidiary of the company, it informed the Bombay Stock Exchange. The investment is as per the regulatory guidelines issued by ministry of information and broadcasting and the FIPB permission received from ministry of finance, it said.
Further, stock broker Rakesh Jhunjhunwala, in partnership with Rare Enterprises, has entered into an agreement with the company to invest a total of Rs 10 crore (Rs 100 million) in the equity shares of Radio Mid-day West. These funds will be utilised by Radio Mid-day for bidding for licenses under Phase II of the Private FM Radio Broadcasting Policy announced by the ministry of information and broadcasting, it added.