Rcovl To Raise $1 Bn Through Sponsored Gdr, Adr

[abhay 0]

RCOVL to raise $1 bn through sponsored GDR, ADR

Anil Ambani Group Company, Reliance Communication Ventures Ltd today said it will raise upto one billion dollars through its sponsored global depository receipts and American depository receipts programme.

The shareholders at the EGM approved the issue of sponsored GDRs and ADRs upto 1 billion dollars, with a green shoe option of 20 per cent of the offer size, the company informed the Bombay Stock Exchange.

The shareholders also approved the scheme of amalgamation of nine subsidiaries of the company -- Reliance Infocomm, Reliance Communications Infrastructure, Reliance Communications Solutions, Reliance Software Solutions, Reliance Communications Technologies, Ambani Enterprises, Reliance Business Management, Formax Commercial and Panther Consultants with itself, it said.

The name change of the company from 'Reliance Communication Ventures Ltd' to 'Reliance Communications Ltd' was also approved at the EGM.

The shares of the company closed at Rs 251, down 3.28 per cent at the BSE.

http://www.zeenews.com/znnew/articles.asp?...ssid=52&sid=BUS

hey ARUN i think we alos now need to change this section from "Reliance Infocomm Discussion" to "Reliance Communications Discussion" it would cover the WHOLE net of reliance communications sector << i think thats what reliance infocomm represented

ill post a new thread in forum feedback section also reguarding this

Edited June 5, 2006 by abhay

[vmsanghrajka 0]

Yes abhay, thts a gr8 idea.. V ll also hav some new sections n sub-sections.. Hopefully mods n owners r listening..

CHeers..