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Fidelity International buys 10 per cent stake in BAG Films & Media Ltd

26-September-2007
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Fidelity International buys 10 per cent stake in BAG Films & Media Ltd

FID Funds (Mauritius) Ltd, which is a part of the international independent investment management company Fidelity International, has picked up a 10 per cent stake in BAG Films & Media Ltd through issue of fresh equity shares. The deal is valued at Rs 620 million, an official communiqué said.

BAG Films had its Board of Directors meeting on September 25, wherein the Board approved a 10 per cent equity to FID Funds (Mauritius) Ltd. The statement also said that 10 million warrants would be allotted for promoters.

Commenting on the developments, Anurradha Prasad, Managing Director, BAG Films & Media Ltd, said, “We are delighted to have an internationally acclaimed company as our partner in our endeavour for 360-degree expansion in the media space. Going forward, we are confident of continuing to achieve all the milestones as planned.”

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