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MUMBAI: Anil Dhirubhai Ambani Enterprises (ADAE) controlled Adlabs
Films is holding a board meeting on 22 April to discuss the demerger
of its FM radio business.
As reported last month by Indiantelevision.com, ADAE has sought
government clearance for bringing all the radio business under a
division -- Adlabs Radio Pvt Ltd.
The company has informed the Bombay Stock Exchange that the board
will "consider the proposal for the reorganisation of the Company
and demerger of its FM Radio business pro-rata to all the shareholders,
pursuant to a scheme of arrangement under sections 391-394 of Companies
Act, 1956."
According to a recent PTI report, ADAE had further increased its stake
in Adlabs Films to 54.91 per cent after the acquisition of an additional
3.8 million shares.
Reliance Land Private Limited, along with Reliance Capital Limited
acquired these shares on 12 April, Adlabs Films has informed the stock
exchanges.
The mode of acquisition has been preferential allotment (conversion
of warrants to equity), it said. With this latest acquisition, Reliance
Land and Reliance Capital now own 21,855,000 shares aggregating to
54.91 per cent of the total paid up capital of the company.
Reliance Land, a part of the Reliance Capital Group, last year
had acquired 51 per cent controlling stake in Manmohan Shetty's
Adlabs Films, a leading motion picture processing laboratory which
also runs a chain of multiplexes.
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