Anil Dhirubhai Ambani Group promoted Adlabs Films Ltd on Friday said the company has approved a scheme of arrangement envisaging de-merger of its radio business into Reliance Unicom Ltd.
The face value of equity share of Reliance Unicom Ltd, which shall be issued pursuant to the scheme to the shareholders of Adlabs Films Ltd in consideration for the proposed demerger, was inadvertently mentioned as ‘Rs 10′ each instead of ‘Rs 5′ each, due to a typographical error, it said in a filing with the Bombay Stock Exchange.
Pursuant to the scheme, one equity share of Reliance Unicom Ltd shall be issued in respect of every one equity share, held by the shareholders in Adlabs Films Ltd, in consideration for the demerger, it said.
The shares held by Adlabs Films Ltd in Reliance Unicom Ltd shall stand cancelled, it said.
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.