The ADA group company hits its 52-week high on the BSE at Rs57.50 on Thursday. Two of its promoter group entities are buying additional 26.7% stake and offered to delist the RMW
Reliance Land Pvt Ltd and Reliance Capital, the two promoter group entities of Reliance MediaWorks Ltd (RMW) have offered to buy additional 26.7% stake and then delist the entertainment company from BSE and National Stock Exchange (NSE). On Thursday, the Anil Dhirubhai Ambani (ADA) group company recorded its 52-week high at Rs57.50 on the BSE.
In a regulatory filing, both Reliance Land and Reliance Capital, which together hold 73.3% stake in RMW said, it would buy additional 26.7% shares in the company.
“The company will seek to voluntarily delist the equity shares from BSE and NSE in accordance with the delisting regulations consequent to the delisting offer. As the combined shareholding of the promoter group of the company, including that of the acquirers, reaching a minimum of 90% of the equity capital and fulfilment of other conditions stipulated under the delisting regulations,” the regulatory filing said.
Dispatch of bid forms to public shareholders will start on 8th March, and bids will be open from 20th to 26th March and the promoter group entities would make further public announcement of discovered price or exit price on 9 April 2014.
The board of directors or RMW on 20 January 2014, approved the proposal to initiate the delisting offer. The same day, RMW shares surged 20% at Rs55.65 to hit its upper circuit limit on the BSE. A special resolution has been passed by the shareholders of the company through postal ballot. On 28 February 2014, Reliance Media declared results of the resolution passed by shareholders through postal ballot and said in its regulatory filing that, voluntary delisting of the company approved by 99.11% votes cast by non-promoter group shareholders.
RMW shares closed Friday marginally up at Rs56.55 on the BSE while the 30-share Sensex ended 1.9% higher at 21,919.
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