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Tag: Reliance Land

  • Reliance Media Works files revised dates draft letter for acquiring 26% of Prime Focus

    Reliance Media Works files revised dates draft letter for acquiring 26% of Prime Focus

     BENGALURU: Reliance Media Works Limited (RMW, acquirer) has filed a draft letter of offer (LOF) with revised dates on the bourses for acquisition of a 26 per cent voting stake in Prime Focus Limited (Prime Focus, target company). RMW is acting in concert with Reliance Land Private Limited, Namit Malhotra, Narseh Malhotra and Monsoon Studio Private Limited (Monsoon Studios).  

     

    RMW will make a cash offer at Rs 52 per Equity Share to acquire up to 7,77,08,534 Equity Shares of face value of Re 1 each representing 26 per cent of the emerging voting capital (EVC) of Prime Focus. The target company’s EVC  comprises the paid-up equity share capital of Rs 29,88,78,974 divided into 29,88,78,974 equity shares, being the paid-up equity share capital of the target company after the allotment of the preferential allotment – 11,34,61,538 Equity Shares to the acquirer and Monsoon Studios on a preferential allotment basis.

     

    The offer shall open on 19 December 2014 and will remain open until 2 January 2015. All owners (registered or unregistered) of Equity Shares, regardless of whether he/she/it held Equity Shares on the identified date 5 December 2014), are eligible to participate in the offer any time before the closure of the tendering period.

     

    Click here to read the offer letter

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

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

    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.

  • Reliance MediaWorks delisting process starts

    Reliance MediaWorks delisting process starts

    MUMBAI: The process for delisting the shares of Reliance MediaWorks started today with Reliance Capital and Reliance Land issuing a public announcement of an offer to acquire shares from public shareholders.

     

    Reliance Capital and Reliance Land, the acquirers, are part of the promoter group which collectively owns 73.30 per cent of Reliance MediaWorks.

     

    At 1450 hours, Shares of Reliance MediaWorks were at Rs 56.65, up 0.65 per cent on the BSE.

     

    The acquirers have made the offer to acquire 26.70 per cent of Reliance MediaWorks that is not already owned by the promoter group, at a floor price of Rs 48.65 per share.

     

    Reliance MediaWorks is a leading media & entertainment company with presence in theatrical exhibition of films, film and media services and television content production and distribution. It is part of Anil Ambani’s Reliance Group.

     

    The company will dispatch bid forms to public shareholders tomorrow. The bids submitted by shareholders will be opened on 20 March and the last date for upward revision or withdrawal of bids is 25 March.

     

    The company will make a public announcement of discovered price/exit price and the acquirer’s acceptance or rejection of the discovered or exit price by 9 April.

     

    A special resolution for delisting of the company’s shares was earlier approved by the shareholders through a postal ballot.

     

    Reliance MediaWorks has been reporting losses for five years now. The company last reported a profit (Rs 48 crore) in 2007-08.

     

    The company will proceed with voluntary delisting of shares from the National Stock Exchange and the BSE on promoter shareholding reaching a minimum of 90 per cent and on fulfilment of other conditions stipulated in the delisting regulations.

     

    ICICI Securities is the manager to the delisting offer by Reliance MediaWorks.

  • Adlabs allots shares to Reliance Land

    Adlabs allots shares to Reliance Land

    MUMBAI: Adlabs Films Ltd has has allotted 38,00,000 equity shares of Rs 5/- each for a cash at price of Rs 175.20 (including a premium of Rs 170.20) per share to the promoters viz. Reliance Land Pvt Ltd. against the outstanding warrants issued on 8 August 2005.

    These shares will be subject to lock-in up to 7 August 7 2006, the company informed the BSE. The committee of directors of Adlabs met today.

    Consequent upon the said allotment, the paid-up equity share capital of Adlabs stands increased to 3,98,00,750 fully paid up equity shares of Rs 5/- each and net worth will increase to approximately Rs 4.65
    billion.