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Reliance MediaWorks delisting exit price fixed at Rs 61

The exit price for delisting of Reliance MediaWorks Ltd has been fixed at Rs 61 per share at a premium of 25.39 per cent over floor price.
 
Promoters of Reliance MediaWorks Ltd (RML) - Reliance Land Pvt Ltd and Reliance Capital Ltd - said in a filing to the BSE that public shareholders of the company were invited to submit bids pursuant to a reverse book-building process (RBP) and arrived at the exit price.
 
"The final price determined through RBP for accepting the equity shares successfully tendered in the delisting offer is Rs 61 per equity share of Rs 5 each, which is at a premium of 25.39 per cent over the floor price of Rs 48.65," the filing noted.
 
All equity shares shall be acquired validly tendered at or below the exit price and RML shareholders who have validly tendered shares will be paid consideration at the exit price, it added. 
 
Reliance MediaWorks' board had on January 20 approved the delisting offer which was later cleared by the shareholders.
 
In March, the two promoters companies of the firm had offered to buy back shares worth at least Rs 251 crore from public shareholders as part of plans to delist it.
 
As of 2:40 p.m., shares in Reliance MediaWorks were trading at Rs 59.05 apiece on the BSE, up 1.72 per cent from the previous close.