ADAG's Big FM to be listed under Reliance Media World with BSE, NSE
04 August 2009
With the de-merger of the radio operations of Reliance Anil Ambani Dhirubhai Ambani Group's Big FM from Adlabs Films Ltd, the company is now looking forward to being listed with the Bombay and National Stock Exchanges under the name Reliance Media World.
Relaince Media World Ltd was created after the transfer of the radio business to Reliance Unicom which as later renamed as Reliance Media World Ltd with effect from 22 July, 2009.
"Reliance Media World Ltd will thereafter be listed on the Bombay and National Stock Exchange," the company said in a statement.
Under the de-merger scheme, the shareholders of Reliance Unicom will be issued one share for each share held in Adlabs Films and on receipt of regulatory approval the demerger would take effect from 1 April, 2008. The company has set 7 August as the record date for determination of shareholders entitled to receive shares of the de-merged subsidiary.
Recently while announcing its alliance with Steven Spielberg's DreamWorks SKG, ADAG chairman, Anil Ambani while addressing the press had referred to listing of the venture, which would make it India's biggest listed media firm. The listing decision would probably be the beginning of new developments to follow say analysts.