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Source: media reports

Adlabs shareholders to discuss radio biz demerger

Adlabs shareholders to discuss radio biz demerger
PTI
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First Published: Fri, Dec 26 2008. 05 30 PM IST
Updated: Fri, Dec 26 2008. 05 30 PM IST
Mumbai: Anil Ambani-promoted Adlabs Films today said its shareholders will meet on 22 January to consider the scheme of arrangement envisaging the demerger of its radio business into Reliance Unicom.
“A meeting of the equity shareholders of Adlabs Films will be held on January 22, 2009, for the purpose of considering and approving the arrangement embodied in the scheme of arrangement between Adlabs Films, the demerged company and Reliance Unicom, the resulting company and their respective shareholders and creditors,” the ADA Group firm said in a filing to the Bombay Stock Exchange.
The demerger would be effective from April 1, 2008, the filing added.
Earlier in October, the board had approved the scheme of demerger under which shareholders of Reliance Unicom would be issued one share for every share held in Adlabs Films.
The shares held by Adlabs Films in Reliance Unicom shall stand cancelled, it had said.
Shares of Adlabs Films closed at Rs165.80, down 2.76% on the BSE.
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First Published: Fri, Dec 26 2008. 05 30 PM IST