Anil Ambani-promoted Adlabs Films today said the government has approved the transfer of its radio business to Reliance Unicom.
"The Ministry of Information and Broadcasting has given its no-objection" to the transfer of operation of the FM radio licence to Reliance Unicom pursuant to the scheme of arrangement for the demerger of radio business of Adlabs Films, it said in a filing to the Bombay Stock Exchange.
Last year, the board had approved the scheme of demerger under which shareholders of Reliance Unicom would be issued one share for each share held in Adlabs Films.
The demerger would be effective from April 1, 2008, the company had said.
Earlier in April, the Bombay High Court had approved the scheme of arrangement between the companies, the filing said.
Shares of Adlabs were trading at Rs 375.30, down 4.28 per cent in the morning trade on the BSE.
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