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Tag: Reliance MediaWorks

  • Path-breaking VFX for ‘Singham Returns’ by Reliance MediaWorks

    Path-breaking VFX for ‘Singham Returns’ by Reliance MediaWorks

    MUMBAI: Reliance MediaWorks, the techno-creative provider and part of the Reliance group delivered breathtaking VFX for Rohit Shetty’s Singham Return starring Ajay Devgan and Kareena Kapoor.

     

    Crossing the 100 crore mark in just five days after its release, Singham Returns is the story of  D.C.P. Bajirao Singham(Devgan) and his quest to track a black marketer with tremendous influence within the political system.

     

    Talking about the use of VFX in large scale director Rohit Shetty said, “Singham Returns required shooting grand scale action scenes which required intensive VFX. The team at Reliance MediaWorks has done a splendid job, the outcome of which is realistic action packed scenes.”

     

    While the work ranged from elaborate sequences to set extensions, the highlight of the work done by the company is evident in the action scene shot on the Bandra-Worli Sea Link, some of which was live while most of it was created using computer graphics and VFX. The scene also involved missiles and high on speed vehicles which were created solely with special effects.

     

    In total Reliance MediaWorks has worked on 2500 VFX shots for the film, which constitutes almost 90 minutes of the run time. It took the company about three months to create, wherein Reliance MediaWorks creative head for VFX Naveen Paul was personally present on the sets to ensure the scenes were shot in sync with the VFX required.

     

    Commenting on the efforts, Paul said, “Rohit Shetty was clear about the requirements from day one, that of bringing to life an entertaining action packed film. 2500 VFX shots required intensive work by the entire team. We are all proud of the results.”

     

    Excited and happy with the results, Reliance MediaWorks CEO Venkatesh Roddam said, “We are glad to have partnered with Rohit Shetty for Singham Returns. The team headed by Naveen Paul and Nishit Shetty put in three months of work involving extensive detailing and we are glad the efforts have shown result.”

     

    Paul credits the team for being able to deliver detailed VFX shots within such a short time frame. This team comprises VFX supervisors Ranadheer Reddy and Pankaj Kalbende, production head (VFX) Vinoth Ganesh, VFX producer Abrez Mohd, concept and mattepaint head Chandrakanth Shenoy, CG supervisor Guru Prasad and matchmove head Sohel Shaikh.

  • Reliance MediaWorks acquires 30 per cent stake in Prime Focus

    Reliance MediaWorks acquires 30 per cent stake in Prime Focus

    MUMBAI: After its mega announcement a few days ago about Prime Focus World merging with Double Negative to create the world’s largest independent, VFX, stereo conversion and animation company, one of the Ambani brothers has decided to step into the game as well.

     

    Anil Ambani owned Reliance MediaWorks has bought shares in Prime Focus and merged itself with Prime Focus. The trio will now be the world’s largest and most integrated media services group with over 5500 people across 20 locations offering services such as visual effects, stereo 3D conversion, animation and cloud-based digital media solutions that transcend the film, advertising and television industries.

     

    An announcement by the two companies to the BSE states that “the combination brings instant benefits to global clients, with new levels of creativity, technology innovation, truly integrated digital media services, unmatched scale, financial stability and sustainability.”

     

    The new group will also have the world’s first hybrid cloud-enabled media enterprise resource planning. This unique platform virtualises the content supply chain and helps broadcasters, studios, brands, sports and digital businesses manage their business of content by driving creative enablement, enhancing ecosystem efficiencies and sustainability, reducing costs and realising new monetisation opportunities.

     

    Reliance MediaWorks and the promoters of Prime Focus, Naresh and Namit Malhotra will each infuse fresh equity capital of Rs 120 crore into Prime Focus at Rs 52 per share through a preferential allotment, aggregating Rs 240 crore. The equity process will also be used to fund the merger of Prime Focus and Double Negative.

     

    The India and overseas operations of Reliance MediaWorks’ film and media services business will be combined with Prime Focus through a slump sale which means transferring of the whole or part of a business undertaking that is capable of carrying out operations independently for a lump sum consideration without assigning values to individual assets and liabilities. After that, the net consideration will be paid in the form of fresh equity shares of Prime Focus valued at the same share price.

     

    Once the preferential allotment and business combination is done, the shareholding of the Prime Focus’ promoters will come down from 41.48 per cent to 33.5 per cent and Reliance MediaWorks will be 30.2 per cent. The mandatory open offer in Prime Focus has also been announced to the extent of 26 per cent of the fully diluted share capital of Prime Focus at Rs 52 per share as well.

     

    Through this combination, Prime Focus’ will get access to one million square feet of facilities in Film City, Mumbai, 30 per cent stake in Hollywood VFX house- Digital Domain and 100 per cent ownership of LA based digital film restoration firm Lowry Digital.

     

    Reliance Capital states that it wants to primarily focus on its financial services and align its noncore investments with successful entrepreneurs.

     

    Namit Malhotra will be the executive chairman and global CEO of Prime Focus Group. Says he, “This is a very exciting time in the life of Prime Focus. From being able to partner the world’s finest visual effects provider Double Negative, to having the Reliance Group come on board, to help mobilise our strategy in building the bridge between the west and the east. I am very confident about the benefits this combination brings to all our customers, employees and stakeholders worldwide.”

     

    Speaking on the deal, Reliance Group group managing director Amitabh Jhunjhunwala said, “We are hugely excited about the transformational growth opportunity created by the powerful combination of the global film and media services business of Reliance MediaWorks and Prime Focus. Namit is an enormously passionate leader, who has created and run a highly successful global media services business. We are delighted to have the opportunity to support Prime Focus as the company moves to the next orbit of growth under Namit’s dynamic and ‘turbo-charged’ leadership.”

     

     Reliance MediaWorks CEO Venkatesh Roddam said that this was a natural and synergistic combination to optimise resources. “We are very pleased to combine our global film and media services business with Prime Focus. This will create enhanced value and new opportunities for all stakeholders, including customers in India and overseas and our dedicated team of people.”

     

    Commenting on the new media house creation, Reliance Capital CEO Sam Ghosh said, “The proposed transaction reflects a significant step forward in Reliance Capital’s strategy of unlocking value from its investments in sectors other than financial services. We intend to partner and align ourselves with successful entrepreneurs like Namit Malhotra of Prime Focus, who has established high growth businesses, and we will support them in their endeavours to attain global leadership and excellence in their chosen areas of core expertise. This strategy will free up management bandwidth  and resources  in Reliance Capital, enabling us to singularly focus  on, and   further  accelerate  growth  in, our  core  business of asset management, life  and non-life  insurance,  broking and distribution, commercial finance  and related sectors in financial services.”

     

    Similar discussions are underway in relation to unlocking of value from other investments made by Reliance Capital in areas outside financial services, and further announcements will be made at the appropriate stage.

     

    Some of the works handled by the trio include: The Dark Knight Trilogy, Transformers 4, Inception, Gravity, Harry Potter and Avatar. The deal between Reliance MediaWorks and Prime Focus brings integrated services to the Bollywood industry from equipment rental and shooting stages up to final digital distribution.

     

     EY India was the exclusive advisor to Reliance MediaWorks for the transaction and Centrum Capital was the exclusive advisor to Prime Focus. The transaction is expected to go on for a couple of weeks.

     

    Reliance MediaWorks and Prime Focus’s wholly owned company Monsoon Studio has taken 2,30,76,923 equity shares. 6,73,07,692 shares will be given via the open offer.

  • Reliance MediaWorks bags ‘Best Laboratory of the Year’ Award for ‘Mandrake Mandrake’

    Reliance MediaWorks bags ‘Best Laboratory of the Year’ Award for ‘Mandrake Mandrake’

    MUMBAI: The field of technology for visual enhancement of filmed content is rapidly evolving in India. A company that is constantly innovating itself and working towards an enhanced cinema viewing experience is Reliance MediaWorks – the media and techno-creative solutions provider and a part of the Reliance Group.

     

    Adding to its kitty of numerous awards and accolades is the recently achieved ‘Best Laboratory Award’ in the cinematography category for the film Mandrake! Mandrake!

     

    Produced by the National Film and TV Institute of India, the diploma film is the story of a young man, who transforms a rundown warehouse into an Aladdin’s cave through the fun and frolic of the moving image, where magic, mystery and adventure become possible. Reliance MediaWorks is solely responsible for the processing of this film.

     

    Reliance MediaWorks handled the colour correction, processing and printing of the entire film. Reliance MediaWorks CEO Venkatesh Roddam said, “Awards and recognition always feel good, because it is a validation of the commitment to the industry and hard work at Reliance MediaWorks.”

     

    Added Reliance MediaWorks president, post production services Krishna Shetty, “Among other honours, a national award feels even more special since it is the highest honour instituted by the government of India and thus, yes winning this award for the lab makes me really happy. That we have been winning this award several times over the last few years, is again a reinforcement of the quality, commitment and difference that we at Reliance MediaWorks make to the process of filmmaking through our consistent efforts. Yes it is the 16th award, and the third one in a row now. In the past as well, we have won this award for successive years, once for six years in a row.”

     

    The company that recently completed 400 films has revolutionised the way films are processed in India and has worked with production houses such as Dharma Productions, Yashraj Films, Balaji Motion Pictures, Red Chillies Entertainment, Disney and Sony Pictures amongst others. Its consistent effort has helped reduce the cost of films and increases the speed of overall production.

  • Pepsi IPL Extraaa Innings T20 returns at Reliance MediaWorks’ state of the art Sound Stages at Filmcity

    Pepsi IPL Extraaa Innings T20 returns at Reliance MediaWorks’ state of the art Sound Stages at Filmcity

    MUMBAI: The biggest entertainment format of the year that brings in cricket like never before, PEPSI IPL has already taken a flying start in its seventh edition. And for the second year in a row, the broadcasters Multi Screen Media, who are airing PEPSI IPL 7 on their channels Sony MAX, Sony SIX have chosen the state of the art sound stages at Reliance MediaWorks in Filmcity for Extraaa Innings T20.

     

    The programming contents of the show involve several elements including live stadium action, and studio programming. The overall programming requirements are thereby stringent, especially considering the fact that the show is aired live everyday. Live feeds from the matches played across different locations and the feed from the in studio programming is entirely consolidated at this place so that the seamlessly integrated programme is available to delight the millions of PEPSI IPL viewers on a daily basis.

     

    The entire setup for the show has been done on one of the floors at the studio complex of Reliance MediaWorks. PEPSI IPL is a long format show and from preparation right up to the entire event, the studio facility will be utilized for almost three months for the show. Availability of the best in class infrastructure, on site technical support, high standards of quality & security; all within the reach at a convenient location like Filmcity is a key reason that has made these shooting spaces the preferred destination for several broadcasters and filmmakers alike.

     

    Known for their Hollywood benchmarked infrastructure, Reliance MediaWorks currently offers three sound stages for all production requirements for broadcast, film, TVCs & events. The new set of 5 stages, which also have the same technical specifications, will be operational in the latter half of 2014.

     

    Neeraj Vyas: EVP & Business Head – Sony MAX “With IPL there has certainly been a revolution in the way cricket based programming is created & aired, and we have set new benchmarks from an entertainment perspective. In order to deliver the very best to our viewers, we need to ensure that everything that goes into the creation of the content is the very best. Thereby, we chose the high technology studio facilities at Reliance MediaWorks, yet again. It is convenient, efficient & high quality, just perfect for all the requirements of the IPL.” 

     

    PEPSI IPL programming has a bunch of logistical requirements, in terms of technology, infrastructure and also the fact that the show is aired live. Therefore a studio environment that offers the best possible solutions on all the fronts is needed, and hence Reliance MediaWorks was the chosen destination. Agile technology and services par excellence are the key USPs of Reliance MediaWorks that are crucial in this regard.

     

    Venkatesh Roddam, Chief Executive Officer: Reliance MediaWorks added, “We are committed to providing a personalized service through our studios. We are absolutely delighted to be partnering with Sony for IPL yet again and contributing to the creation of quality content for millions of cricket fans globally. We look forward to a long and successful association.”

     

    PEPSI IPL 7 continues with the cricket fervour and Extraaa Innings T20 remains one of the highlights of the show as cricket fans across the world continue to be entertained.

  • Reliance MediaWorks partners with ‘2 States’

    Reliance MediaWorks partners with ‘2 States’

    MUMBAI: Reliance MediaWorks, the media and techno-creative solutions provider and a part of the Reliance Group has announced its association with the recently released 2 States.

     

     Produced by Sajid Nadiadwala and Karan Johar the film has been directed by Abhishek Varman and stars Arjun Kapoor and Alia Bhatt in lead roles. A film that depicts the diversity in the cultural fabric of India, 2 States is set in several parts of the country including Chennai, Delhi, Mumbai and Ahmedabad.  Thus VFX played an important role in easing the logistics and depicting different cities while still being shot at a studio.

     

     Reliance MediaWorks has been offering end-to-end visual postproduction services for films including VFX, DI and Digital Mastering, and 2 States is the latest marquee film that it has worked on. With 250 odd VFX shots, largely for chroma compositing and set extensions, the project entailed around 30-35 minutes of VFX work for the film.

     

    Dharma Productions chief executive officer Apoorva Mehta said, “The team at Reliance MediaWorks has always delivered high quality work at prompt timelines, helping us successfully complete the film and provide a visual delight to the audience.”

     

     Added Varman, “2 States is a very special film for me and in order to deliver my best I wanted to partner with the best creative partners. I’m very happy working along with the team at Reliance MediaWorks on this film.”

     

    To create the visual allure of different cities while maintaining the overall look of the film, the RMW team worked closely with legendary cinematographer Binod Pradhan, thus with his expertise, tactfully bringing together the vibrancy of Punjabi Delhi, the serenity of Chennai and the cultural vivacity of Ahmedabad.

     

     Pradhan said, “2 States is a movie rich in culture, colours and energy. To get a consistent look while maintaining the authenticity of each Indian province was the key focus. Reliance MediaWorks was an important partner in accomplishing this task.”

     

    Reliance MediaWorks senior colorist Ken Metzker said, “Working with an industry stalwart such as Binod Pradhan is always a great experience in itself. 2 States had the perfect balance of vibrancy and subtlety in its look, which allowed us to make the characters tell their story while looking good and not having the images overtake the storytelling. Looking forward to newcomer director Abhishek Varman’s next film.”

     

    Blending the VFX shots with the film seamlessly was an important task. 2 States is a romantic comedy and most of the VFX work involved was on account of logistical convenience for the shoot. So it had to be subtle and immersive.

     

     Reliance MediaWorks VFX head Prasad Sutar, who also headed the project said, “VFX technology today is no longer limited to action flicks and sci-fi movies. Directors today are wisely using it to ease the logistics and facilitate the shooting process, and with 2 States we have achieved that quite successfully.”

     

     Reliance MediaWorks CEO Venkatesh Roddam added, “It is always a pleasure to work with Dharma Productions. The team has worked dedicatedly to achieve the envisioned outcome. We are sure our work would be appreciated by viewers across the country.”

  • 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 completes another collaboration with YRF with ‘Gunday’

    Reliance MediaWorks completes another collaboration with YRF with ‘Gunday’

    MUMBAI: Reliance MediaWorks today announced its successful collaboration with Yash Raj Films for their recently released blockbuster Gunday. The media and techno-creative solutions provider was behind the recreation of the fiery 70’s of Kolkata – in all its glory and has crafted more than 500 VFX shots for the film.

     

    The train chase sequence is one of the most complex and difficult sequences in the film. This sequence alone has 160 VFX shots. The RMW team took extreme close-ups, close-ups of wheels braking, squealing etc. to make the effects look real. This sequence is a crucial one, setting the tone for the film with its thugs, stark landscape and acts of heroism.

     

    Another difficult sequence is the blast in the mines, where the entire hill had to be created through VFX. The Reliance MediaWorks team worked in tandem with the film’s unit and the VFX work progressed simultaneously with the shoot, so the turnaround time was less, efficiency was higher and the consistency in the integration of the VFX was greater.

     

    Ali Abbas Zafar, Director, Gunday said, “Gunday involved the creation of a rustic old world charm set in the bustling city of Kolkata. It thus involved immense creative visualization. It was a good experience working with the VFX team at Reliance MediaWorks.“

     

    Aashish Singh, VP –Production, YRF said, “This project involved complex VFX and creative craftsmanship with a short delivery period. We chose Reliance MediaWorks because it could handle those complexities and still deliver exceptional control and quality.”

     

    Mr. Venkatesh Roddam, CEO Reliance MediaWorks said “At Reliance MediaWorks, we strive constantly to raise the bar and endeavor to provide a realistic experience to the audience.”

     

    Naveen Paul, Creative Head, Reliance MediaWorks said, “The scope of work for Gunday involved the creation of a whole era and provided an opportunity for us to showcase our diverse skills. Working closely with Ali Abbas Zafar ensured delivery of exactly what the Yash Raj Films team was looking for.”

  • Reliance MediaWorks: 400 and counting…

    Reliance MediaWorks: 400 and counting…

    MUMBAI: The field of visual and special effects is really gaining ground in films nowadays and a company that has done some great work in this area is the Anil Dhirubhai Ambani run Reliance MediaWorks – the media and techno-creative solutions provider and a part of the Reliance Group.

    The company commemorated the landmark achievement of completing 400 films with a star studded event graced by accomplished cinematographers, directors and producers that Reliance MediaWorks has worked with including Mahesh Limaye behind the Dabangg fame, Anil Mehta renowned cinematographer behind Saathiya, Laagan and Ketan Mehta director of Mangal Pandey: The Rising, to name a few.

    Reliance MediaWorks CEO Venkatesh Roddam in a statement said: “At Reliance MediaWorks we have always believed in adding value to the filmmaking process by keeping up to date with the latest technology and techniques. The completion of 400 Films is a testimony of our commitment and hard work.”

    Set up in 2008 as Asia’s first digital intermediate lab with a 4K facility, the Reliance film lab has revolutionised the way films are processed in India. Having worked with reputed production houses such as Dharma Productions, Yashraj Films, Balaji Motion Pictures and Red Chillies Entertainment, amongst others, its consistent efforts have helped reduce the costs of films and increase the speed of overall production.

    Amole Gupte with the team of Reliance MediaWorks

    Reliance MediaWorks also offers cutting edge VFX Solutions to Indian and International productions through its state of the art VFX studios in LA, London and Mumbai. With specialisation in highly complex VFX, the company and its team of award winning artists stand at the forefront of an extremely dynamic world of VFX production.

    Reliance MediaWorks post production services president Krishna Shetty added: “Digital filmmaking has opened up greater possibilities and opportunities for filmmakers than ever before. Every movie, from the massive big budget blockbusters, to the small independent films made on a shoestring budget, has been influenced by the advents in digital technology and filmmaking. We look forward to continuing our efforts to reinvent the ways in which movies are viewed.”

    Equipped with a state of the art DI facility to cater to film, TV and web related video content, the team has worked on a slew of recent blockbusters that include Chennai Express, Goliyon Ki Raasleela Ram Leela, Krrish 3, Yeh Jawaani Hai Deewani, 3 Idiots and Singham, amongst others.

    (L-R) Mahesh Limaye, Nishith Shetty, Ketan Mehta, Anil Mehta, Anita Kaul Basu, Siddharth Basu and Venkatesh Roddam

     

  • Entertainment industry needs a reality check in terms of economics: Venkatesh Roddam

    Entertainment industry needs a reality check in terms of economics: Venkatesh Roddam

    MUMBAI: Media and entertainment firm (known for its post production and VFX capabilities)  Reliance MediaWorks (RMW) CEO Venkatesh Roddam met us at the recently concluded FICCI Frames 2014. The man, who exuded a lot of positivity in his conversation infused with humour, seemed to be quite upbeat about the feat the company has just achieved of providing post production services to 400 Indian films so far.

     

    By the end of 2011, the number was 110. Roddam doesn’t think the meteoric rise is because of him. Roddam, who became RMW CEO in 2011, feels its growth is a result of the inclusive structure that it has in place. With enough humility, he confesses that while he takes all the money and business related decisions, it’s the team that keeps RMWL ticking.  “If you ask me specific questions, you will normally find me at a loss for answers,” he professes as he introduces Nishit Shetty, the company’s vice-president, operations who has a handle on what’s going on day to day.

     

    However, taking the conversation forward, he says, “In the entertainment business, creativity is just one part; it has to be backed by economics.” He puts forward an interesting example of Life of Pi. “Even as Rhythm & Hues the company was bagging a visual effects Oscar for it, its founders had decided to go ahead with a bankruptcy filing,” he says.  “That is not something that should happen. And at the end of the day the purpose of the business is to make money. The industry globally needs to have a reality check about the economics. ”

     

    Nishit decides to dive into the conversation as he talks about the VFX studio’s initial foray into post-production in 2008 with the film Sarkar Raj. “It was a gradual process. We were taking up projects slowly,” says Nishit. RMW has worked on visual effects for several international and domestic films. Transformers 3 – The dark of the Moon, Conan the Barbarian, Expendables 2, GI Joe Retaliation, Chennai Express, Queen, and many southern and Bengali films figure on its slate. In fact, in the time to come the company is looking to tap the regional film industry even more.

     

    Also, now Nishit says that RMW is reaching out to a new constituency: that of smaller film production houses and independent filmmakers. “There’s a lot of business potential in that segment as a lot of new filmmakers are coming up with great ideas and need better presentation,” he reveals.

     

    “At RMW we have always believed in adding value to the film making process by keeping up to date with the latest technology and techniques which has worked in our favour,” highlights Roddam.

     

    RMW is looking at expanding its Big Cinemas theatrical exhibition chain.  “So say, if right now we have 260 total screens, we may increase that by around 50 more in the next 12 to 18 months,” he says.

     

    “Our operating margins have continuously increased over the years. We have a distinct advantage of having a presence of screens both in semi-urban and semi-rural areas. We will continue to expand this year to offer an experience like none other to our patrons while at the same time keeping an eye for growth coupled with good profits,” remarks Roddam, adding that it doesn’t want to offer just a good cinema viewing experience to its patrons “but a holistic one with a strong focus on retail, food and beverage, gaming amongst others”.

     

    Another big development is the building up of studios (shooting floors) at the Film City in Mumbai. The company already has two fully functional studios there since the last two years, now Roddam informs that a major studio was commissioned this month which is positioned as the “largest studio in Asia” and four other stages are to be commissioned by the end of May.

     

    The company is also looking to expand its TV production wing – Big Synergy which is headed by the legendary Siddharth Basu – with path-breaking non-fiction programming. However, Roddam wants to keep the details for another conversation.

  • 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.