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Reliance MediaWorks delisting: Shareholders offered Rs 61 per share as exit price

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MUMBAI: The process of delisting of the Anil Ambani owned Reliance MediaWorks Ltd (RMWL) is gathering pace.  Reliance Land and Reliance Capital which are facilitating the delisting  today informed the Bombay stock exchange (BSE) and the National stock exchange (NSE) that the final price at which the public shareholders' equity will be acquired by them is Rs 61 per equity share   - a premium of 25.39 per cent over the floor price of Rs 48.65. The RMWL share has a face value of Rs 5.

In a filing with both the exchanges, the two companies stated that the public shareholders were invited to submit bids pursuant to a reverse book-building process (RBP) between 20-26 March electronically through the BSE  and arrived at the exit price.

The filing further states that both Reliance Land and Reliance Capital will pick up all the equity shares validly tendered at or below the exit price and RMWL  shareholders, who have validly tendered shares, will be paid the consideration at the exit price.

The RMWL board had on 20 January approved the delisting offer which was later cleared by the shareholders. And in March, the two promoter companies of the firm had offered to buy back shares worth at least Rs 251 crore from public shareholders as part of its delisting. 

Shares of RMWL were trading at Rs 59.05 per scrip on the BSE in the afternoon trade, up 1.72 percent from the previous close.

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