Adlabs Films to demerge radio business

Mumbai, Nov 1 (UNI) Anil Ambani-promoted Adlabs Films Limited today approved a scheme of arrangement envisaging demerger of its radio business into Reliance Unicom Limited.

The face value of equity share of Reliance Unicom Limited, which shall be issued pursuant to the scheme to the shareholders of Adlabs Films Limited in consideration for the proposed demerger, was inadvertently mentioned as 'Rs 10' each instead of 'Rs five' each, due to a typographical error, the company informed to the Bombay Stock Exchange.

Pursuant to the scheme, one equity share of Reliance Unicom Limited shall be issued in respect of every one equity share, held by the shareholders in Adlabs Films Limited, keeping the demerger in view, the company release said.

The shares held by Adlabs Films Limited in Reliance Unicom Limited shall stand cancelled, the release added.

The scheme is subject to requisite consent/approval of the requisite majority of the shareholders/ lenders/ creditors of all the companies as may be directed by the Bombay High Court, it added.

UNI AR LY NP1605