IDBI Bank and Bank of Baroda have picked up 10 per cent stake each in BAG Infotainment Pvt Ltd, while 60 per cent of the equity will remain with BAG Films promoters.
BAG Infotainment Chief Operating Officer, Rajiv Mishra, said, “Talks are still going on with foreign investors for diluting an additional 20 per cent stake to a foreign private equity investor at a premium. It will, however, take one more month for it to finalise.”
Meanwhile, BAG is gearing up to launch its first FM radio station. The company has won licences for 10 FM stations across the states of Himachal Pradesh, Punjab, Haryana, Madhya Pradesh, Maharashtra, Bihar and Jharkhand.
Regarding the FM stations, Mishra said, “From March onwards we are dependent on common transmission infrastructure (CTI) and our FM rollout would depend on that. The first phase of our FM rollout would cover Haryana and Punjab. We plan to commission the remaining FM stations by June 2007.”
Mishra further said, “Our TG is 15-35 years of age. Our radio stations will have a typical metropolitan-local flavour of music, while prime time shows will air popular music. We have conducted a research as to what our TG wants to hear and have lined up thousand hours of programming based on the feedback. We already have a trained a pool of international jockeys in place, who have been trained at the International School of Media and Entertainment Studies.
The venture is a collaboration between BAG Films and Mizori School of Journalism.