The new chairman has made a slew of decisions, including a timeframe for listing all the four new entities of the group after the Reliance demerger.
MUMBAI: A day after taking over the reins, Anil Ambani, the new chairman for the four unlisted companies demerged from Reliance Industries, has made a slew of decisions, including a timeframe for listing all the four new entities that have come under the group after the Reliance Industries demerger.
Holding a series of board meetings, the Reliance- Anil Dhirubhai Ambani Group (RADAG) on confirmed the new nominees on the board, decided on a couple of amalgamations which will come after listing is done for all the four companies, namely, Reliance Capital Ventures Ltd, Reliance Energy Ventures Ltd, Reliance Natural Resources Ltd and Reliance Communication Ventures Ltd.
Under the new management, RADAG will submit a revised information memoranda with full and correct information to facilitate the early listing of shares of the companies on the stock exchanges.
What these revised changes in the memorandum that was earlier submitted by RIL to the stock exchanges is not known yet.
The only memorandum of information not filed by RIL with the stock bourses was the details of Reliance Communications Ventures Ltd.
The four new companies have a shareholder roster containing 22 lakh members, which is identical to that of Reliance Industries.
The boards also decided the proposed listing schedule of the four group companies on the Bombay Stock Exchange and the National Stock Exchange.
Reliance Capital Ventures Ltd will be first of the block with a listing scheduled in the week beginning February 13, 2006. This is the company that holds shares in Reliance Capital.
A week after RCVL’s listing would be the turn of Reliance Energy Ventures Ltd, in the week beginning February 20, 2006, the company holding shares in Reliance Energy.
Next in line would be Reliance Natural Resources Ltd, which will follow with a listing in the week beginning February 27, 2006. It’s a shell company which will come into its own when gas is made available by RIL in 2008.
The last and the most crucial listing eagerly awaited by RIL shareholders and the investment community is that of Reliance Communication Ventures Ltd, the company that owns the shares of Reliance Infocomm, which will be in the week beginning March 6, 2006. Reliance Infocomm is an unlisted company but is the crown jewel in RADAG.
“RADAG, has communicated to SEBI, BSE and NSE in this regard, and requisite approvals are awaited,” the statement said. The RCVL board meeting also saw the firms listing Reliance Capital Ventures Ltd and it approved a proposal for the amalgamation of the Company with Reliance Capital Ltd (RCL).
The proposed scheme of amalgamation envisages a share exchange ratio of 5 equity shares each of Reliance Capital, for every 100 equity shares of RCVL. The shares of RCL held by RCVL will be cancelled under the proposed scheme of amalgamation, RADAG said.
The proposed Scheme of Amalgamation is, inter alia, subject to the approvals of the shareholders of the Company and RCL, the stock exchanges, the High Court of Gujarat, the High Court of Judicature at Mumbai, and all other requisite permissions, sanctions and approvals. At a separate meeting held on Wednesday, the board of directors of Reliance Energy Ventures Ltd (REVL) today considered and approved a proposal for the amalgamation of the company with Reliance Energy Ltd (REL).
The proposed scheme of amalgamation envisages for every 100 shares of REVL, 7.5 shares of Reliance Energy. The share exchange ratios were recommended by the consulting firm, KPMG.
RADAG said the benefits of the proposed scheme are that direct shareholding of Reliance Capital and Reliance Energy by 22 lakh Reliance shareholders, leading to enhancement of their value, Elimination of dual listing and elimination of potential “holding company” discount, which is normally the case for every holding company listed in the stock bourses; and increased liquidity for all Reliance Capital and Reliance Energy shareholders and wider domestic and international shareholder base for RCL and REL.
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