Reliance Media World lists today
04 Dec 2009
Reliance Media World, part of the Anil Dhirubhai Ambani Group(ADAG) listed on Indian stock exchanges today.at Rs 308 per share. The company is part of Reliance Mediaworks which was formerly known as Adlabs Films.
Reliance Media World was de-merged from Reliance Media Works. It runs a radio business and is engaged in outdoor advertising activities.
Shareholders of Reliance Media World were issued one share for each share they held in Reliance Media Works.
According to Tarun Katial, chief executive of Reliance Media, the main purpose of the listing is to unlock shareholder value.
He added that the company hoped to break-even at the operating level by March 2010 and it hoped turn to profit a year later.
The company operates its radio network across 45 cities and holds a market share of above 22 per cent in the FM (frequency modulation) radio segment valued at Rs10 billion, according to Katial.