I / Mumbai March 6, 2006
| Reliance Communcation Ventures (RCoVL) has logged a turnover of Rs 507 crore with a volume of over 1.76 crore shares on the BSE till 1452hrs. The stock, which opened at Rs 290 and moved between a high of Rs 309 and a low of Rs 277, is now traded at Rs 290. Just before the trading started, Anil Ambani, chairman of Reliance Communication Ventures, recalled the family history including how his father Dhirubhai Ambani had launched the Reliance's maiden issue in 1978 for over Rs 800 crore a day after an issue of Hindustan Lever. Accompanied by his mother Kokilaben and wife Tina, Anil made an emotional address at the BSE. "My mother had been the force behind the success of my father - some even said the hidden force. Now, she is the force behind the success of myself and my elder brother Mukesh in creating two independent Reliance groups. We will go from strentgh to strength, and create world-class assets for the prosperity of our shareholders." The company is planning to increase FDI/FII holdint to 74%, and has also sought approval of shareholders for tapping the overseas market through issue of securities including ADRs, GDRs, bonds and debentures. |
| RCoVL is also planning to increase the authorised share capital from Rs 650 crore divided into 130 crore equity shares of Rs 5 each to Rs 1,500 crore divided into 200 crore equity shares of Rs 5 each and 100 crore unclassified shares of Rs 5 each. |
