Mayajaal Entertainment Ltd, which will be vested with the business activities of Pentamedia Graphics Ltd after a business restructuring, will apply for listing on stock exchanges in September.
After the business restructuring, the Pentamedia shareholders will receive six shares of Mayajaal for every 10 shares of Pentamedia Graphics, company officials said.
"We are awaiting clearance for the business restructuring from the Madras High Court. Immediately after the court's approval, we will apply to the authorities concerned for the listing," a top company official told PTI.
The listing of Mayajaal shares will also result in the delisting of Pentamedia shares from the bourses.
In a recent communication to the shareholders, Pentamedia Graphics had said the face value of Pentamedia Graphics shares will be reduced from Rs 10 per equity to Re 1 per equity share pursuant to the business restructuring.
The company hopes to list the shares on BSE, NSE and Madras Stock Exchange before September-end, he said.
Mayajaal Entertainment, a closely-held company, is engaged in the business of running a complete entertainment and sports centre.
The proposed restructuring will see the three wholly-owned subsidiaries of Pentamedia Graphics viz., Media Dreams, KSSEL (formerly Kris Srikkant Sports Entertainment Ltd) and Intelivision getting merged with Mayajaal Entertainment.
