Promoters of Reliance MediaWorks have offered to buy back shares worth at least Rs 251 crore from public shareholders as part of plans to delist the company.
Reliance Land Private Ltd and Reliance Capital Ltd have offered to purchase 51,579,465 shares, representing 26.70 percent stake in Reliance MediaWorks, according to a public notice issued today.
While the floor price has been set at Rs 48.65 apiece, the minimum value of the offer would be about Rs 251 crore. Reliance MediaWorks is a part of Anil Ambani-led Reliance Group.
Reliance Land holds 54.54 percent in the company while Reliance Capital's shareholding is 18.76 per cent. Together, they hold 73.30 per cent in the company.
"The objective of delisting the equity shares is that promoter group of the company proposes to consolidate their shareholding in the company which will provide increased operational flexibility to support the company's business.Further, they believe that the offer is in the interest of all stakeholders," it said.
The offer would be open from March 20 to March 26. "After reaching a minimum of 90 per cent of the equity capital and fulfilment of other conditions stipulated under the delisting regulations, the company will seek to voluntarily delist the equity shares from BSE and NSE," it added.
ICICI Securities has been appointed as the manager of the delisting scheme.
Reliance MediaWorks' board had on January 20 approved the delisting offer which was later cleared by the shareholders. Shares of the company rose nearly one per cent today to close at Rs 56.55 apiece on the BSE.
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