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Reliance Broadcast falls after board approves delisting plan

The board approved the delisting proposal made by the promoter group entities subject to shareholders' approval.

SI Reporter  |  Mumbai 

Reliance Broadcast Network is trading lower by 3% at Rs 48.50, in otherwise strong market, after its board approved the delisting proposal subject to shareholders’ approval.

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, Anil Ambani Group Company said in a filing.

The delisting proposal made by the promoter group entities - Reliance Share and Stock Brokers Private Limited, Reliance Capital Limited and Reliance Land Private Limited to make a voluntary delisting offer to all the public shareholders of the company.

Currently, the promoter holding in the company is around 72%. As per delisting norms, the promoters will have to buy another 18% stake from the public and take promoter holding to 90% to successfully delist.

The stock opened at Rs 52.35 and hit a low of Rs 48.10 on BSE. A combined around 25,000 shares change hands on the counter so far on BSE and NSE.

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First Published: Thu, September 19 2013. 10:13 IST