Thursday, 23 January 2014

Reliance Broadcast sets delisting price, promoters to spend Rs. 925 mn

Anil Ambani-controlled Reliance Broadcast Network (RBNL), the company engaged in satellite television and FM radio broadcasting, will receive Rs. 46.47 a share from the promoters for participating in the delisting offer. 
The promoters will, thus, have to fork out minimum of Rs. 92.48 crore ( Rs. 924.8 million) to be able to successfully delist the company. 

The promoters, along with persons acting in concert, control 5,95,49,316 equity shares or 74.95 per cent of the equity capital, while public shareholding stands at 25.05 per cent or 1,99,01,854 equity shares. 
The promoters have been involved in creeping acquisition for quite some time now. For the fiscal ended 31 March 2013, the promoter shareholding had stood at 70.29 per cent which, as of September, increased to 74.95 per cent. Interestingly, none of the promoter shares is pledged or encumbered. 
To be carried out through reverse book-building process (RBP), the proposed delisting will commence on 12 February and close on 18 February. 
The offer will have 17 February as the deadline for an upward price revision or withdrawal option.

Source: http://cablequest.org/news/national-news/item/4126-reliance-broadcast-sets-delisting-price,-promoters-to-spend-rs-925-mn.html

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