Reliance Land Private Limited and Reliance Capital Limited (BSE:500111) made a proposal to acquire remaining 26.7% stake in Reliance MediaWorks Limited (BSE:532399) on January 17, 2014. The public shareholding is to be acquired in order to delist Reliance MediaWorks. The transaction is subject to approval by shareholders of Reliance MediaWorks.

The transaction was approved by Board of Directors of Reliance MediaWorks on January 20, 2014. The transaction is subject to a minimum number of 32.26 million offer shares being tendered, all statutory and regulatory approvals. On February 28, 2014, 99.11% of the shareholders of Reliance MediaWorks voted in favour of the transaction.

As on March 7, 2014, bid will be opened on March 20, 2014 and the public shareholders can tender the share by March 26, 2014. As on March 26, 2014, the exit price has been fixed at INR 61. As of March 27, 2014, the acquirers issued a post offer public announcement to the shareholders of Reliance MediaWorks.

Reliance MediaWorks will get delisted on May 6, 2014. Sumit Agarwal and Vishal Kanjani of ICICI Securities Limited acted as financial advisors to Reliance Capital Limited and Reliance Land Private Limited. Pravin Kasare of Link Intime India Pvt.

Ltd. acted as a transfer agent to Reliance Capital Limited and Reliance Land Private Limited. G. Sureh Karvy Stock Broking Limited acted as depositary to Reliance Land Private Limited and Reliance Capital.