Land Pvt Ltd (RLPL), part of the Anil D. Ambani-controlled
Reliance Capital, on Thursday proposed to acquire 51 per
cent stake in film and entertainment software company
Adlabs Films Ltd for Rs350 crore.
Ambani firm will make a preferential offer to buy stake
in the Mumbai-based company. As per the SEBI''s take-over
code, Reliance Capital will have to make an open offer
for 20 per cent stake.
promoters, Manmohan Shetty and family, hold 63 per cent
had posted a a profit of Rs21 crore on a turnover of Rs82.4
crore in 2004-05. Adlabs is digital movie production house
with a network of entertainment centres and multiplexes.
Manmohan Shetty: ''''The investment by Reliance will provide
the company a strong and unparalleled platform to pursue
exciting growth opportunities. This development will make
Adlabs the largest company in its sector by all financial
main business is post-production processing of pictures
and it has processed films for all major production companies
in Mumbai. Adlabs entered into an exclusive technological
agreement with IMAX Corporation, Canada and built IMAX
Adlabs Dome Theatre in Mumbai. The theatre was commissioned
on March 5, 2001.
this week, Reliance Mutual Fund - which is under Anil''s
control - had acquired 8.6 per cent stake in entertainment
firm Pritish Nandy Communications.