Reliance MediaWorks delisting exit price fixed at Rs 61 per share

The exit price for the delisting of Reliance MediaWorks Ltd has been fixed at Rs 61 per share at a premium of 25.39% over the floor price.

In a filing to the BSE, promoters of Reliance MediaWorks Ltd (RML) -- Reliance Land Pvt Ltd and Reliance Capital Ltd -- said the public shareholders of the company were invited to submit bids pursuant to a reverse book-building process (RBP) and arrived at the exit price.

"The final price determined through RBP for accepting the equity shares successfully tendered in the delisting offer is Rs 61 per equity share of Rs 5 each, which is at a premium of 25.39% over the floor price of Rs 48.65," the filing said.

The acquirers shall acquire all equity shares validly tendered at or below the exit price and the shareholders of RML who have validly tendered shares will be paid consideration at the exit price, it added.

Reliance MediaWorks' board had on January 20 approved the delisting offer which was later cleared by the shareholders.

In March, the two promoters companies of the firm had offered to buy back shares worth at least Rs 251 crore from public shareholders as part of plans to delist it.

Shares of RML were trading at Rs 59.05 per scrip on the BSE in the afternoon trade, up 1.72% from the previous close.