NEW DELHI:The Reliance Anil Dhirubhai Ambani group is going ahead with its decision to de-list Reliance Broadcast Network Ltd (RBNL) from the stockmarket. Three Reliance ADA group companies - The Reliance Share & Stock Brokers, Reliance Land Pvt Ltd and Reliance Capital - today announced an offer to shareholders, under which 19,901,854 shares of RBNL representing 25.05 per cent of its equity capital, will be acquired by the group. With this acquisition, the group's stake in RBNL will go up to 90 per cent, allowing it to go ahead with its plan to delist RBNL from the stock exchanges.
The public announcement was issued in accordance with Regulation 10 of the Securities and Exchange Board of India (Delisting of Equity Shams) Regulations, 2009 in respect of the proposed acquisition and delisting of fully paid-up equity shares of a company (“Offer” / “Delisting Offer"). The company is listed on both the Bombay and National stock exchanges (BSE and NSE).
The BSE and NSE have issued their in-principle approvals for the Delisting Offer. In accordance with the applicable provisions of Regulation 15 (2) of the Delisting Regulations, the floor price for the Offer per Equity Share determined by the group is Rs 46.47.
A resolution had been passed by RBNL shareholders through postal ballot, the result of which was declared on 30 October 2013 and notified to the Stock Exchanges on the same date, approving its delisting from the BSE and NSE in accordance with the Delisting Regulations. The votes cast by Public Shareholders in favour of the Delisting Offer were 7,058,183, being more than two times the number of votes cast by the Public Shareholders against it (i.e. 44,597).