Reliance Group to delist Reliance Broadcast Network from BSE Listings

Reliance Broadcast Network Ltd (RBNL), part of Reliance Group (formerly Reliance ADAG), has informed BSE that it plans to delist itself from the BSE Listings.

The board of directors has approved the proposal and is currently seeks approval of shareholders of the company though postal ballot in terms of the SEBI Delisting Regulations. Note that the promoters will have to buy another 18% stake from the public and take promoter holding to 90% to successfully delist. Provided they receive the shareholder approval, Reliance group will have spent Rs 100 crore to buy out the public shareholders at the current market price.

While the exact reason for de-listing the company is not known yet, the company has been in loss. For the quarter ending June 2013, it reported a net loss of Rs 15.75 crore.

RBNL, a media and entertainment business, include businesses such as radio, television, and television production. It runs the radio channel 92.7 BIG FM, BIG CBS Networks, BIG RTL THRILL, BIG MAGIC, and a media sales unit BIG Connect. It also distributes Bloomberg TV India, a business news channel as part of its television bouquet.

Reliance Group also runs other media and entertainment firms that houses multiplexes (BIG Cinemas), Reliance Digital TV, and movie production house Reliance Mediaworks.

Source: http://cablequest.org/news/national-news/item/3247-reliance-group-to-delist-reliance-broadcast-network-from-bse-listings.html
Source: http://cablequest.org/news/national-news/item/3247-reliance-group-to-delist-reliance-broadcast-network-from-bse-listings.html