Adlabs shareholders give nod to Reliance deal

MUMBAI: Adlabs Films has approved issue and allotment of 1,10,00,000 equity shares and 38,00,000 warrants to Reliance Land Pvt Ltd. at a price of Rs 175.20 each directly and/or to its affiliates/associates on a preferential basis.

The company has also approved increase in authorised share capital to Rs 250 million and alteration in capital clause of memorandum of association.

Adlabs informed BSE on Saturday that the shareholders of the company at its Extra Ordinary General Meeting (EGM) held on 26 July had given the nod to these proposals.

Reliance Land, a part of the Reliance Capital Group, recently announced it was acquiring for Rs 3.50 billion ($83 million) a 51 per cent controlling stake in Adlabs Films, a leading motion picture processing laboratory which also runs a chain of multiplexes.