The film dramatises the first-ever registered encounter by Mumbai police, where gangster Manya Surve, played by John Abraham in the movie, was shot dead at Wadala in 1982.
The film was scheduled to release on December 7 last year but it was pushed to January 25 this year to avoid a clash with Aamir Khan's Talaash, that released on November 30.
The makers then announced that the film will release on May 1, which happens to be International Worker's Day and Labour Day in India. Now it has been postponed to May 3.
"The movie is now releasing on May 3, that is Friday," John told reporters here, at a promotional event of the film last evening.
John is quite excited about the film and is hopeful that the audience will like it.
Read: John Abraham: National Award for Shootout at Wadala would be great
"I have worked with many studios but credit to Balaji Motion Pictures for the way they are promoting the film. We will perform in Delhi, Dubai and other places," he said.
"We are proud of the film. We have seen it and enjoyed it. We want to show a good film to audience. We are very excited about the movie," he added.
The film also features Anil Kapoor as a police officer, Kangna Ranaut as John's love interest and Tusshar Kapoor and Sonu Sood as gangsters among others.