Reliance Broadcast Network Ltd (RBNL), part of Reliance Group (formerly Reliance ADAG), has informed BSE that it plans to delist itself from the BSE Listings. The board of directors has approved the proposal and is currently seeks approval of shareholders of the company though postal ballot in terms of the SEBI Delisting Regulations. Note that the promoters will have to buy another 18% stake from the public and take promoter holding to 90% to successfully delist. Provided they receive the shareholder approval, Reliance group will have spend Rs 100 crore to buy out the public shareholders at the current market price as indicated by Techcircle. Promoter group entities Reliance Capital Limited, Reliance Land Private Limited and Reliance ADA Group held around 72.09% in the company by June 2013. While the exact reason for de-listing the company is not known yet, the company has been in loss.…
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