Anil announces listing schedule of 4 companies

The Reliance-Anil Dhirubhai Ambani Group (RADAG) today announced the listing schedule of four companies, a day after it took over their management control from Reliance Industries Ltd (RIL).

Anil Ambani took over as the chairman of all four entities "" Reliance Capital Ventures Ltd (RCVL), Reliance Energy Ventures Ltd (REVL), Reliance Natural Resources Ltd (RNRL) and Reliance Communication Ventures Ltd (RCoVL).

RCVL will be the first one to be listed next week. REVL will be listed in the week beginning February 20, while RNRL and RcoVL will follow suit in the next two weeks.

At separate board meetings, RCVL and REVL approved their merger with RCL and REL, respectively. The merger, ratios of which have already been announced, will eliminate dual listing, and increase liquidity for all Reliance Capital and Reliance Energy shareholders.

In a release, RADAG said the boards of these four companies would review the listing documents including the draft information memoranda of the companies, submitted to the stock exchanges when they were under the RIL control.

Although the release did not specify the area of the proposed review, it was clear that the gas supply agreement, which was signed between RIL and RNRL last month, would be revised.

The gas supply agreement became a bone of contention between RADAG and RIL with the former alleging that RIL had deviated from the original agreement reached between Anil Ambani and Mukesh Ambani at the time of family settlement.

The listing of these new companies was also a contentious issue, with RIL wanting a simultaneous listing as against a staggered listing preferred by the Anil Ambani camp.

Earlier today, Reliance Industries informed the stock exchanges that with the transfer of ownership and management control, the onus of listing the companies now rested with RADAG.