Adlabs Films, a member of the Reliance Anil Dhirubhai Ambani Group and the leading entertainment conglomerate in the country, has notified that the board of directors of the company has approved a scheme of arrangement envisaging demerger of its radio business into Reliance Unicom Ltd.

The face value of equity share of Reliance Unicom Ltd, which shall be issued pursuant to the scheme to the shareholders of Adlabs Films Ltd in consideration for the proposed demerger, was unintentionally mentioned as 'Rs 10' each instead of 'Rs 5' each, due to a typographical mistake.

Pursuant to the scheme, one equity share of Reliance Unicom Ltd shall be issued in respect of every one equity share, held by the shareholders in Adlabs Films Ltd, in consideration for the demerger.

However, the scheme is subject to requisite consent/approval of the requisite majority of the shareholders/ lenders/ creditors of all the companies as may be directed by the Bombay High Court. The stock of the Adlabs films closed on Friday at Rs 164 on BSE, up 2% compared with its previous close of Rs 160. The scrip touched an intraday high and low of Rs 172 and Rs 155 respectively.