Reliance Media shares zoom 19% as board approves delisting

Shares of Reliance MediaWorks today shot up by 19 per cent after the company's board of directors approved proposed delisting offer.
Reliance MediaWorks' stock ended 19.07 per cent higher at Rs 55.25 at the BSE. During the day, the scrip surged 19.93 per cent to Rs 55.65 --its upper circuit limit.
At the NSE, the stock spurted by 18.19 per cent to close at Rs 54.90.
In a filing to the BSE, Reliance MediaWorks said, "The Board of Directors of the company at its meeting held on January 20, 2014, has considered the proposal made by Reliance Land Private Limited and Reliance Capital Limited (promoter group entities) to make a voluntary delisting offer (the proposed delisting offer) to all public shareholders in accordance with the Sebi."

"The Board of Directors has granted its approval to the proposed delisting offer and intends to seek the approval of shareholders of the company through postal ballot in terms of the Sebi delisting regulations," it said.