Radio Mirchi, Orange Reportedly Bid INR 2,510 Million in Race to Acquire Insolvent Big FM
October 29, 2023 at 06:58 am
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Entertainment Network (India) Limited (NSEI:ENIL) (Radio Mirchi) and Radio Orange have bid INR 2,510 million to acquire Reliance Broadcast Network Limited (BIG FM Radio network), sources said. Haryana-based Sapphire FM is the other bidder in the race for BIG FM, which is undergoing an insolvency process. Incidentally, Sapphire FM has also made a bid of INR 2510 million for Big FM.
The bidders couldn't immediately be reached for comments. Both the bidders -- Radio Mirchi & Orange FM consortium and Sapphire FM -- have offered to pay the bid amount within 30 days. Sources close to the process also revealed that the lenders are likely to ask both the bidders to revise their bids upward.
Also, INR 600 million cash lying in the company's accounts will also go to the lenders, they said. After considering the cash at Big FM, the total recovery for lenders could be as high as 55% to 60% against the total admitted claims of INR 5,780 million.
Entertainment Network (India) Limited is an India-based advertising company. The Company generates its advertising revenues by the sales of airtime in the Companyâs frequency modulation (FM) radio broadcasting stations, activations, concerts and monetization of Companyâs digital and other media properties. The Company operates FM radio broadcasting stations in 63 Indian cities. The Companyâs subsidiaries include Alternate Brand Solutions (India) Limited, Entertainment Network, Inc., Entertainment Network, LLC, Global Entertainment Network Limited W.L.L., and Mirchi Bahrain W.L.L. Its brands include Radio Mirchi, Mirchi Plus, Mirchi 95, Mirchi Love and Kool FM. The Company operates in Ahmedabad, Akola, Amravati, Amritsar, Asansol, Aurangabad, Bengaluru, Bharuch, Bhavnagar, Bhopal, Chandigarh, Chennai, Coimbatore, Delhi, Nagpur, Pune, Guwahati, Hubli Dharward, Hyderabad, Indore, Jabalpur, Jaipur, Jalandhar, Jammu, Jamnagar, Jhansi, Jodhpur, Kolkata, and other.