Reliance announces buy-back offer for broadcast arm
Rebecca Hawkes | 23-01-2014
India's Reliance Anil Dhirubhai Ambani (ADA) group is to de-list its Reliance Broadcast Network Limited (RBNL) division from the stock market, in order to boost its equity stake by 25.05% to 90%.
The offer, publically announced to shareholders on 22 January, is that 19,901,854 shares of RBNL will be acquired by the group, in accordance with Regulation 10 of the Securities and Exchange Board of India (Delisting of Equity Shams) Regulations, 2009.
The floor price for the offer per equity share determined by Reliance ADA is INR46.47.
Company shareholders have already approved the de-listing, following a postal ballot, which was declared on 30 October 2013.
RBNL is listed on both the Bombay and National stock exchanges.