Financial Daily from THE HINDU group of publications
Thursday, Mar 16, 2006
Financial Daily from THE HINDU group of publications Thursday, Mar 16, 2006 |
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Preferential Allotments Markets - Stocks Anil Ambani group to raise stake in RNRL to 55% Our Bureau
Indicative Shareholding Retail investors 19% FIIs 16% GDRs and others 4% Domestic institutions (FIs/Banks/MFs) 6% Promoters 55%
Mumbai , March 15 The Anil Dhirubhai Ambani group has decided to up its stake in Reliance Natural Resources Ltd to 55 per cent from below 40 per cent at present through a preferential offer of equity shares. The ADA group will be investing up to Rs 1,052 crore at Rs 25.65 a share. The RNRL stock was last quoted at Rs 34.30 on the BSE on Tuesday, losing 9.91 per cent during the day's trading. The board of directors of RNRL today approved a preferential offer of equity shares and/or equity related securities to Reliance - Anil Dhirubhai Ambani Group, and/or long-term financial investors, to strengthen the company's capital base and financial position. A company release said here today that in accordance with the SEBI Takeover Code, Reliance - Anil Dhirubhai Ambani Group will announce an open offer for 32.66 crore shares, representing 20 per cent of the expanded equity share capital of the company, aggregating in value Rs 838 crore. The offer will open on May 3 and end on May 22. RNRL's net worth will increase 175 per cent from Rs 608 crore to Rs 1,660 crore on completion of the preferential offer. The company's equity share capital will increase to 163.31 crore equity shares of Rs 5 each, aggregating Rs 816.56 crore, reflecting a market capitalisation of Rs 6,181 crore, based on the closing price on March 14. RNRL is one of the four companies demerged from RIL following the settlement of ownership issues between the Ambani brothers. The company was listed on the stock exchanges last month.
Related Stories: More Stories on : Preferential Allotments | Stocks | Petroleum
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