What does Reliance Broadcast Network Limited do?

Reliance Broadcast Network Limited (RBNL) operates '92.7 Big FM', one of India's largest private FM radio networks. The company broadcasts across 45+ cities in India and also had content production and event management arms. It is a subsidiary of the Reliance Anil Dhirubhai Ambani Group (ADAG).

Is Reliance Broadcast Network planning an IPO?

There are no publicly known IPO plans for Reliance Broadcast Network Limited. The company's future structure depends on the resolution of its parent Reliance Capital's insolvency proceedings and any restructuring decisions made by the new acquirer.

What is the current status of the company?

The company's operations have been impacted by the insolvency of its parent Reliance Capital. '92.7 Big FM' continued to broadcast through this period, but the corporate entity's financial health is deeply stressed, as reflected in its near-zero share price of ₹0.10 in the unlisted market.

How do I buy Reliance Broadcast Network (BIG FM) unlisted shares here?

Raise an enquiry on any company with the quantity you want. Our desk sources the shares and comes back with a firm price and allocation. You accept the allocation, transfer the funds to the desk's published bank account, and once we verify payment the shares are transferred into your demat.

Who am I actually transacting with?

You transact with the desk, not with an anonymous counterparty. When you buy, you buy from the desk; when you sell, you sell to the desk. Shares always route through the desk's own demat account, so there's one accountable party for the whole trade.

How do I pay, and is there a payment gateway?

Payment is by direct bank transfer to Prospire Network Private Limited's published account (CIN U82300UP2025PTC233622), shown to you in-app at the payment step. There is no card gateway and no escrow. Never pay to a personal account or to any account shared over phone, WhatsApp or email — even if the person claims to be from our team.

How long does settlement take?

After you accept an allocation, you have a short window to pay (typically 2 days). Once payment is verified, shares are usually credited to your demat within 2–3 business days, subject to depository timelines and any company-level restrictions. Timeframes are typical, not guaranteed.

There are no separate platform fee lines and no GST on the transfer — the desk's margin is built into the buy/sell price you're quoted. The only statutory add-on on a purchase is stamp duty on the consideration, shown transparently in your cost breakdown.

Is there a minimum ticket size for Reliance Broadcast Network (BIG FM)?

Minimums vary by company and depend on the lot the desk can source. Raise an enquiry and the desk will confirm the available quantity and the minimum for that name.

What KYC do I need, and do I need a demat account?

You'll share your demat details when you enquire so we can settle directly. Full KYC — PAN and a client-master / demat statement — is required before the transfer step, when shares actually change hands. Yes, you need an active demat account to hold unlisted shares.

Are there lock-ins on unlisted or pre-IPO shares?

Some shares carry statutory or company-imposed lock-ins — for example, a post-listing lock-in on pre-IPO stock — and transfers can be subject to the company's articles or approvals. Where a lock-in applies, we'll flag it before you commit.

How do I sell Reliance Broadcast Network (BIG FM) shares I already hold?

Raise a sell enquiry with the company, quantity and your target price. The desk confirms a buying price, you transfer your shares into the desk's demat, and once the credit is verified we pay you out by bank transfer to your registered account. The desk never pays out before your shares are received.

Unlisted shares are illiquid, may be hard or impossible to sell, and are not covered by exchange settlement guarantees or investor-protection funds. Pricing is indicative, not live. Read the full Risk Disclosure before you enquire, and invest only what you can afford to lock away.

Reliance Broadcast Network (BIG FM) Unlisted Share Price | Buy Reliance Broadcast Network (BIG FM) Pre-IPO Shares — wisefolio

Investment Thesis

Reliance Broadcast Network Limited operates 92.7 Big FM, one of India's largest FM radio networks, but is deeply distressed following its parent Reliance Capital's insolvency. The share price of ₹0.10 reflects near-zero recovery expectations. The company's prospects depend entirely on how the Hinduja Group (new acquirer of Reliance Capital) chooses to manage or monetize the FM radio assets.

Pros

Operated a nationwide FM radio network under the brand '92.7 Big FM', covering 45+ cities across India — one of the largest FM radio networks in the country
Strong brand recall with '92.7 Big FM' identity and established listenership base built over more than a decade of operations
Part of the Reliance ADAG group, giving it initial access to distribution and marketing infrastructure

Cons

Severely impacted by the financial distress of parent Reliance Capital, which underwent insolvency proceedings under the Insolvency and Bankruptcy Code (IBC)
FM radio sector faces structural headwinds from growth of digital audio streaming platforms (Spotify, JioSaavn, Gaana), eroding traditional listenership
Share price at ₹0.1 reflects near-zero investor confidence in near-term recovery; company's ability to service operations is uncertain

Business Segments

FM Radio Broadcasting

Operation of 92.7 Big FM network across 45+ Indian cities

Content & Events

Production of radio content, live events, and brand activations

Revenue Model

RBNL generates revenue primarily through on-air advertising sold to brands across its 92.7 Big FM stations in 45+ cities. Additional revenue comes from event management, branded content, and syndication. FM radio advertising revenue is closely tied to overall advertising market cycles.

Detailed Analysis

Growth outlookExpansion plans, industry tailwinds & headwinds6

Growth Plans

New promoter (Hinduja Group via Reliance Capital resolution) may inject capital and restructure FM radio operations

Phase III FM licensing expansion could provide additional city coverage opportunities

Industry Tailwinds

New promoter (Hinduja Group via Reliance Capital resolution) may inject capital and restructure FM radio operations

Phase III FM licensing expansion could provide additional city coverage opportunities

Recent Developments

Reliance Capital Resolution Plan Approved

NCLT approved the resolution plan for Reliance Capital submitted by IndusInd International Holdings (Hinduja Group) for approximately ₹9,650 Cr, which includes RBNL as a subsidiary.

2023-06

Comparable Companies

CompanyTypeTickerMkt Cap

Entertainment Network India Ltd (Radio Mirchi)ListedENIL~1,200 Cr

Music Broadcast Ltd (Radio City)ListedMUSICBRD~600 Cr

Entertainment Network India Ltd (Radio Mirchi)Listed

ENIL · ~1,200 Cr

Music Broadcast Ltd (Radio City)Listed

MUSICBRD · ~600 Cr

Frequently Asked Questions

The company is a subsidiary of Reliance Capital Limited, which is itself part of the Reliance ADAG (Anil Dhirubhai Ambani Group). However, Reliance Capital underwent insolvency proceedings under IBC, and its assets — including stakes in subsidiaries like RBNL — were part of the resolution process. The Hinduja Group (IndusInd International Holdings) won the bid to acquire Reliance Capital in 2023.

About Reliance Broadcast Network (BIG FM)

Reliance Broadcast Network Limited (RBNL) is the operator of BIG FM, one of India's largest FM radio networks. The company was incorporated in 2005 as part of the Anil Dhirubhai Ambani Group (ADAG) and operates BIG FM's 58 radio stations reaching over 1,200 towns and 50,000 villages across India — making it one of the widest-reaching radio networks in the country. BIG FM has established itself as a premium entertainment radio brand with a focus on Bollywood music, RJ-driven content, and local language programming. The network's extensive reach of 1,200+ towns positions it uniquely for mass-market advertisers seeking nationwide audio reach, including FMCG companies, telecom brands, and automobile manufacturers. The company reported revenue of Rs. 220 crore in FY2024, with a 27% revenue CAGR and 31% EBITDA CAGR — impressive metrics for a media company. However, Reliance Broadcast Network has been undergoing Corporate Insolvency Resolution Process (CIRP) since February 2023, reflecting the financial difficulties that have plagued the ADAG group's entities. The Indian FM radio industry is valued at approximately Rs. 2,100 crore in revenues, growing at 12–15% annually. Despite the growth of digital audio (Gaana, Spotify, JioSaavn), radio has maintained relevance, particularly in Tier-2 and Tier-3 markets and for automotive listeners. BIG FM's strong brand and wide station network remain valuable assets even during the insolvency resolution process.

Key Milestones

Incorporated in 2005 in Mumbai as part of the Reliance ADAG group

Common questions about unlisted shares

How do I buy Reliance Broadcast Network (BIG FM) unlisted shares here?
Raise an enquiry on any company with the quantity you want. Our desk sources the shares and comes back with a firm price and allocation. You accept the allocation, transfer the funds to the desk's published bank account, and once we verify payment the shares are transferred into your demat.
Who am I actually transacting with?
You transact with the desk, not with an anonymous counterparty. When you buy, you buy from the desk; when you sell, you sell to the desk. Shares always route through the desk's own demat account, so there's one accountable party for the whole trade.
How do I pay, and is there a payment gateway?

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