Rel Broadcast up 5% ahead of board meeting on delisting

Moneycontrol Bureau

Shares of media entertainment firm Reliance Broadcast Network jumped 5 percent in early trade on Tuesday. The board is going to consider delisting equity shares of the company from stock exchanges in its meeting on Wednesday.

"A meeting of the board of directors of the company will be held on September 18, 2013 to consider delisting of equity shares of the company from stock exchanges," the company said in a filing to BSE.

However, the reason for delisting from stock exchanges is not known.

During the first quarter ended June 30, 2013, the company's consolidated net loss narrowed to Rs 15.75 crore. The company which runs FM radio stations under the brand name 'Big FM' had reported Q1 FY14 net sales of Rs 57.45 crore compared to Rs 47.09 crore in the corresponding period a year ago.

At 09:42 am, the stock was quoting at Rs 47.55, up Rs 2.25, or 4.97 percent on the BSE.

Meanwhile, Reliance Mediaworks slipped around 4 percent as it alloted 14.7 crore shares at Rs 40 per share via rights issue which was a discount to current market price. Reliance MediaWorks was quoting at Rs 43.90, down Rs 1.20, or 2.66 percent on the BSE.

(Posted by Nasrin Sultana)