May 28, 2019 / 7:03 AM / 5 months ago

BUZZ-India's Reliance Capital jumps, Reliance Broadcast Network stake sale to help pare debt

** Shares of Reliance Capital Ltd climb 7.5% to 144 rupees, highest since May 2

** Reliance Capital Group will divest entire stake in Reliance Broadcast Network Ltd (RBNL), which operates under the name ‘BIG FM Radio’, to Music Broadcast Ltd, co said Monday

** Music Broadcast to first buy 24% stake in RBNL via preferential allotment for 2.02 bln rupees ($29.02 mln), and then buy remaining equity stake held by Reliance Capital and Reliance Land in RBNL for 10.50 bln rupees

** Reliance Capital to also get 1.50 bln rupees from sale of other RBNL assets; in total, deal will reduce co’s outstanding debt by 12 bln rupees

** Together with recently announced stake sale in Reliance Nippon Asset Management and other monetization plans, co’s debt is expected to reduce by about 120 bln rupees in current FY

** ~14.6 mln Reliance Capital shares change hands by 0641 GMT, vs 30-day avg of 20.8 mln shares

** Reliance Capital’s stock down 41.7% this year as of last close

$1 = 69.6125 Indian rupees Reporting by Chris Thomas in Bengaluru

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