MUMBAI: Reliance Media World Limited is scheduled to make its entry on the National Stock Exchange (NSE) and the Bombay Stock Exchange (BSE) on 4 December, 2009.
The radio division of Reliance MediaWorks has been demerged into Reliance Media World pursuant to the scheme of arrangement sanctioned by the Bombay High Court. The shareholders of Reliance MediaWorks have been allotted one equity share of Reliance Media World for every one equity share held. The promoter group’s shareholding is at 61.47%.
With the third-phase roll out of private FM radio slated to open up soon, Reliance Media World aims to focus on Phase III, which will put on auction around 700 new FM stations, across 200+ towns.
Reliance Media World CEO Tarun Katial said, "Reliance Media World takes forward the Reliance Anil Dhirubhai Ambani Group’s establishment in the media space. We are now part of a strong framework, which will benefit us in terms of strengthening our leadership position, in the media and entertainment business."