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.