MUMBAI: The process for delisting the shares of Reliance MediaWorks started today with Reliance Capital and Reliance Land issuing a public announcement of an offer to acquire shares from public shareholders.

Reliance Capital and Reliance Land, the acquirers, are part of the promoter group which collectively owns 73.30 per cent of Reliance MediaWorks.

At 1450 hours, Shares of Reliance MediaWorks were at Rs 56.65, up 0.65 per cent on the BSE.

The acquirers have made the offer to acquire 26.70 per cent of Reliance MediaWorks that is not already owned by the promoter group, at a floor price of Rs 48.65 per share.

Reliance MediaWorks is a leading media & entertainment company with presence in theatrical exhibition of films, film and media services and television content production and distribution. It is part of Anil Ambani’s Reliance Group.

The company will dispatch bid forms to public shareholders tomorrow. The bids submitted by shareholders will be opened on 20 March and the last date for upward revision or withdrawal of bids is 25 March.

The company will make a public announcement of discovered price/exit price and the acquirer’s acceptance or rejection of the discovered or exit price by 9 April.

A special resolution for delisting of the company’s shares was earlier approved by the shareholders through a postal ballot.

Reliance MediaWorks has been reporting losses for five years now. The company last reported a profit (Rs 48 crore) in 2007-08.

The company will proceed with voluntary delisting of shares from the National Stock Exchange and the BSE on promoter shareholding reaching a minimum of 90 per cent and on fulfilment of other conditions stipulated in the delisting regulations.

ICICI Securities is the manager to the delisting offer by Reliance MediaWorks.