ADAG ups Reliance Comm stake to 65%

The Anil Dhirubhai Ambani Group has scaled up its holding in its telecom company Reliance Communication by two per cent to 65 per cent through open market operations for nearly Rs 560 crore.

"The shares were acquired from the open market over the last couple of weeks and the deals were conducted through the promoter companies of the group. Reliance Communication is traversing a high growth curve and the investment shows the promoters' faith in the company," sources close to the deal told Business Standard here today.

However, neither the names of the promoter companies nor the investment made by Anil Ambani was not immediately known.

According to an industry analyst, the company has around 122.31 crore shares in the open market and Reliance Communication's three-week average market price was at around Rs 228.93.

Based on these figures, Anil Ambani would have paid a total of around Rs 560 crore for the two per cent stake.

On Monday, the company's stocks opened at Rs 254 and closed at Rs 241.35, after touching a high of Rs 256 and a low of Rs 236.50.

Meanwhile, Anil Ambani is on a visit to the Gulf countries, where, on Sunday, he signed two bandwidth deals "� one in Oman and another in Kuwait.

The company has signed to provide an initial capacity of up to 16 STM1s (1 STM1 = 155 mbps) with both the countries, which could be increased over a period of time.

He is also visiting the Kingdom of Saudi Arabia and Bahrain, where he is expected to sign similar deals.