Manmohan Shetty to restructure his holding in Adlabs

Televisionpoint.com Correspondent
Anil Dhirubhai Ambani Group controlled company Adlabs Films Ltd promoter Manmohan Shetty is in the process of restructuring his holding and spreading it across other companies controlled by him and his family.

The first phase of the restructuring was witnessed on Monday, with Shetty transferring 4,80,000 shares to his investment company Bhupati Consultancy Services, at a trading price of Rs 528 per scrip. Shetty holds 18% in Adlabs.

"I am in the process of restructuring my holding and may look at transferring the remaining shares to one of my other companies, at a later stage," he said.

In 2005, the Anil Ambani controlled Reliance Capital, acquired 51% stake in film and entertainment software company Adlabs Films for Rs 350 crore. Adlabs has ventured in diverse areas of the media and entertainment post the acquisition.

From a film processing company, Adlabs is aggressively growing its multiplex and film production business. It recently acquired Siddharth Basu's Synergy Communications to make inroads into the television content space.

On the multiplex front, Adlabs Films entered into an agreement with Rave Entertainment to acquire the right to conduct cinema exhibition business in the northern belt increasing its screen count by 17. The total transaction of the deal amounts to Rs 250 crore. However, the reason for the restructuring could not be ascertained as Mr Shetty said it was his personal investment.