Reliance Broadcast locked at 5% upper circuit on delisting plans

MUMBAI: Shares of Reliance Broadcast Network ( RBNL) were locked on 5 per cent upper circuit a day ahead of the board meeting to consider delisting plans.

At 10:00 a.m.; the stock was at Rs 47.55, up 5 per cent, on the BSE on low volumes.

"The Board of Directors of the company will be held on September 18, 2013, inter alia, to consider delisting of equity shares of the company," the company said in a filing to the stock exchanges.

RBNL owns Big FM radio and also owns several TV channels. Its promoters including Reliance Capital, Anil Ambani Group hold 72 per cent in the company.

The company did not cite any reason for this decision.