Reliance Broadcast Network corrects on profit booking

Reliance Broadcast Network fell 3.51% to Rs 48.15 at 9:48 IST on BSE on profit booking after the company's board approved delisting offer.

The company made the announcement after market hours on Wednesday, 18 September 2013.

Meanwhile, the BSE Sensex was up 551.83 points, or 2.76%, to 20,513.99

On BSE, 8,462 shares were traded in the counter compared with average volume of 33,186 shares in the past one quarter.

The stock hit a high of Rs 52.35 and a low of Rs 48.10 so far during the day. The stock hit a record low of Rs 23.30 on 28 March 2013. The stock hit a 52-week high of Rs 52.65 on 25 September 2012.

The company announced its delisting plan after market hours on Monday, 16 September 2013. The stock hit an upper circuit limit of 5% at Rs 47.55 on Tuesday, 17 September 2013. The stock rose 10.15% in two trading sessions to Rs 49.90 on Wednesday, 18 September 2013, from Rs 45.30 on Monday, 16 September 2013.

The stock had outperformed the market over the past one month till 18 September 2013, rising 20.97% compared with the Sensex's 7.33% rise. The scrip had also outperformed the market in past one quarter, soaring 66.89% as against Sensex's 3.84% rise.

The small-cap company has an equity capital of Rs 39.73 crore. Face value per share is Rs 5.

Reliance Broadcast Network announced that its board at the meeting held on 18 September 2013, approved the proposed delisting offer. The company will now seek shareholders' approval through a postal ballot process.

On a consolidated basis, Reliance Broadcast Network reported a net loss of Rs 15.76 crore in Q1 June 2013, lesser than the net loss of Rs 28.70 crore in Q1 June 2012. Net sales rose 22% to Rs 57.46 crore in Q1 June 2013 over Q1 June 2012.

Reliance Broadcast Network is a media entertainment conglomerate with play across radio, television, intellectual properties, and television production. It is part of the Anil Dhirubhai Ambani-controlled Reliance Group and specializes in creating and executing integrated media solutions for brands.

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