Shares of Reliance Broadcast today hit upper ceiling of 5% on announcement that the company is mulling delisting from the bourses.
The Anil Ambani group company in a stock exchange filing on Monday said that its board would meet on September 18 "to consider delisting of equity shares of the company from stock exchanges."
Shares of Reliance Broadcast rose 4.97% to Rs 47.55 on BSE.
Currently, the promoter holding in the company is around 72%. As per delisting norms, the promoters will have to buy another 18% stake from the public and take promoter holding to 90% to successfully delist.
Reliance Broadcast is a diversified media and entertainment company with presence across radio, television and television production. It operates the '92.7 BIG FM' radio station and also BIG CBS Networks - a joint venture with CBS Studios International offering english entertainment channels.
