BackReliance Broadcast Network to buy back shares at `70 apiece
Reliance Broadcast Network will take company private by buying stock from public shareholders at a final price of `70 apiece
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Mumbai: Reliance Broadcast Network Ltd, a unit of Anil Ambani-promoted Reliance Group, on Thursday said that it will be taking the company private by buying stock from public shareholders at a final price of ₹ 70 apiece.
“The final price determined through a reverse book-building process (RBP) for accepting the equity shares successfully tendered in the delisting offer is ₹ 70 per equity share of ₹ 5 each, which is at a premium of 50.63% over the floor price of ₹ 46.47," the company said in a BSE filing.
The voluntary delisting was done by way of the so-called reverse book-building mechanism. In reverse book-building, the company offers to buy back shares from non-promoter shareholders at prices determined on the basis of online sell orders from shareholders on an exchange captured by appointed book-running lead managers of the delisting firm.
“The public shareholders of Reliance Broadcast were invited to submit bids pursuant to the reverse book-building process made available through the electronic system of BSE Ltd during the bid period, 12th February 2014 to 18th February 2014," the company added.
The company was listed on the stock exchanges on 4 December 2009, when it stated trading at an opening price of ₹ 89.75 and closed at ₹ 137.85.
Shares of Reliance Broadcast Network closed at ₹ 67.45 apiece on BSE, up 0.52% from previous close while the exchange’s benchmark Sensex fell 0.90% to 20,536.64 points.
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