Zee Media Board gives nod to bid for RBNL acquisition

Pursuant to the provisions of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, the Board of Directors of Zee Media Corporation Ltd has given approval to the company to bid to acquire Reliance Broadcast Network Limited (RBNL).

In its filing to the bourses, Zee Media stated, “The Board of Directors of the Company, vide Resolution passed by circulation on May 5, 2023, have granted the approval to the Company to submit Expression of Interest (EOI) with Corporate Insolvency Resolution Professional (CIRP) of Reliance Broadcast Network Limited (RBNL) in relation to the “Invitation for Expression of Interest for submission of Resolution Plan for Reliance Broadcast Network Limited” issued by CIRP appointed in terms of the extant provisions for Corporate Insolvency Resolution process of RBNL.”

RBNL operates 55 FM radio channels across India under the Big FM brand. The company reported total revenue of Rs 174 crore for FY 2023-23. It is learnt that corporate insolvency process has been initiated against RBNL by the National Company Law Tribunal.