Move music library and update iTunes database

I’m doing some reorganization of my network shares. My music is saved on the server under its own share, “Music”. In the new scheme, I want the music folder to be located in a subfolder in the share “Multimedia”. This poses a small problem: I have to update iTunes to recognize the new file locations. I’ve got iTunes 10.6.3 on OS X Mountain Lion 10.8.1.