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Reliance Broadcast Network Ltd board to consider delisting

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SummaryThe company refused to comment on the reason behind delisting from stock exchanges.

Media entertainment firm Reliance Broadcast Network Ltd today said its board will consider delisting of equity shares of the company from stock exchanges in its meeting on Wednesday.

"A meeting of the board of directors of the company will be held on September 18, 2013 to consider delisting of equity shares of the company from stock exchanges," Reliance Broadcast Network Ltd (RBNL) said in a filing to BSE.

Shareholding of promoter group companies (Reliance Capital Ltd, Reliance Land Pvt Ltd and Reliance ADA group Trustees Pvt Ltd) in RBNL as on As of June 2013 was 72.09 per cent.

The company refused to comment on the reason behind delisting from stock exchanges.

RBNL's business interests include radio, television and television production.

During the first quarter ended June 30, 2013, the company's consolidated net loss narrowed to Rs 15.75 crore driven by good performance of radio and television business.

The company, a part of the Anil Ambani-led Reliance Group, had reported net loss of Rs 28.7 crore in the same quarter a year ago.

RBNL¿s net sales in the June quarter this year were at Rs 57.45 crore compared to Rs 47.09 crore in the corresponding period a year ago.

Shares of RBNL today closed at Rs 45.30 apiece, down 0.11 per cent from their previous close on BSE.

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