Reliance Broadcast, owners of India’s 92.7 BIG FM, has announced plans to delist from the Bombay Stock Exchange (BSE).

The proposal still needs shareholder approval after being given the nod by the board of directors last week.

To successfully delist, main shareholders Reliance Capital Limited, Reliance Land Private Limited and Reliance ADA Group will need to acquire another 18 percent stake in the company.

They currently own 72.09 percent and BSE rules require a 90 percent holding.

As well as running 45 FM radio stations under the BIG brand, Reliance Broadcast owns several television channels and production businesses including BIG CBS, BIG MAGIC and BIG RTL THRILL.

It also owns the media sales unit BIG Connect.

The decision to take the company private has not been made public, although the company is running at a loss.

The three main shareholders of Reliance Broadcast are owned by Indian billionaire Anil Ambani.