Financial Daily from THE HINDU group of publications
Thursday, Aug 04, 2005
Financial Daily from THE HINDU group of publications Thursday, Aug 04, 2005 |
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Restructuring Corporate - Restructuring The equity structure — post-demerger Our Bureau
Mumbai, Aug. 3 After the demerger of Reliance Industries Ltd, the equity structure of the ADA companies will be as follows: Reliance Capital Services Reliance Capital Ventures Ltd, which will result from the reorganisation of RIL's shareholding, will ultimately be merged into RCS. RIL's 47.2 per cent shareholding in RCS will be down to zero. ADA Enterprises' share will rise from close to zero to 50.5 per cent. FIIs will hold 24.1 per cent, FIs and mutual funds 2.8 per cent and retail shareholders 22.6 per cent. Reliance Energy Ltd The RIL shareholding in REL, which is presently 47.2 per cent, would be transferred to a special purpose vehicle Reliance Energy Ventures Ltd (REVL), which would be then merged with REL. The RIL shareholding would reduce to zero. ADA Enterprises would own 26.4 per cent equity, RCS 5.3 per cent, FIIs 28.7, FIs and MFs 22.2 per cent and retail investors 17.4 per cent. Global Fuel Management Service Ltd ADA Enterprises will hold 37 per cent, foreign investors 35.2 per cent, FIs and MFs 8.6 per cent and retail investors 19.2 per cent. The equity share capital of the company consists of 122.3 crore shares of face value Rs 5 each, the equity capital aggregating Rs 611 crore. The company will be listed, if all goes well, before March 31, 2006. Reliance Communications Ventures Ltd RIL's stake will come down from 42.5 per cent to nil. ADA Enterprises will hold 37 per cent of equity, foreign investors 35.2 per cent, FIs and MFs 8.6 per cent, and retail investors 19.2 per cent. "As per media and research reports," said Mr. Ambani, the conversion of RIL's preference shares in RIC (company held by RCVL) had taken place at Rs 105, but was done at Rs. 32 instead. This effectively brought down ADA shareholding from 47.6 per cent to 34.1 per cent. The resultant gain to 23 lakh RIL shareholders has been Rs 10,000 crore, and a corresponding loss to ADA, said Mr Ambani. RCVL has equity share capital of 122.3 crore shares of Rs 5 each, with equity share capital amounting to Rs 611 crore.
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