Anil Ambani’s radio business, Reliance Media World, which operates radio station BIG FM 92.7, will list on the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE) on Friday, December 4. This makes BIG FM 92.7 the second radio station to be listed on the stock exchanges.
Currently, Entertainment Network, which runs Radio Mirchi, is the only radio business to be listed. Its market capital is Rs 992.25 crore. The company’s share price ended at Rs 204.40, down 1.80 per cent at close of Wednesday’s trade on the BSE. The Entertainment Network’s stock had touched a 52-week high of Rs 270.90 on June 4, while its 52-week low was on March 3 at Rs 103.10.
Reliance Media World was demerged from Reliance MediaWorks (formerly known as Adlabs Films) this August. Shareholders were allotted 46 million shares in the ratio of 1:1, at a face value of Rs 5.
“Since it’s not an initial public offer listing, there is no price band that can be determined. However, the share price should be in the range of what Radio Mirchi trades,” said a source. Big FM 92.7 has 45 operational stations.