The Hindu Business Line : Reliance Info shares allotted at discount to 3 more companies

THREE "unknown companies with unknown shareholders" have been allotted shares in Reliance Infocomm at a discounted price, according to fresh allegations today made by sources in the Reliance group.

These allegations come on the heels of a similar allegation by them a couple of days ago that a close confidante of Chairman of Reliance Industries, Mr Mukesh Ambani, was allotted Reliance Infocomm shares at a discounted price of Re 1 per share through a company called Kaizen Commercial Pvt Ltd.

The three companies — Fairever Traders and Consultants P Ltd; Softnet Traders and Consultants P Ltd and Prerna Auto P Ltd - were allotted a total of 1 crore shares, also at Re 1 each, said the sources.

These companies are based in New Delhi.

These shares account for 0.25 per cent of Reliance Infocomm's capital (of 416.35 crore shares) and have a value of approximately Rs 150 crore, based on the Merrill Lynch valuation of Rs 60,000 crore for Reliance Infocomm, they said. Whereas, they said, Reliance Industries had paid a price of up to Rs 250 per share for its investment in Reliance Infocomm group companies.

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