Financial Daily from THE HINDU group of publications
Tuesday, Apr 25, 2006
Financial Daily from THE HINDU group of publications Tuesday, Apr 25, 2006 |
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Corporate
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Restructuring Markets - Stocks Our Bureau
RCL is AFL's promoter. The demerged company would be separately listed on the BSE and the NSE. The demerger proposes issue of pro-rata shares by the SPV to all AFL shareholders in the ratio of two free shares of the SPV for every one share of AFL. Reliance Land Private Ltd (RLL), an affiliate of RCL, would accordingly receive 4.12 crore shares of the SPV, an official statement said. The shares so received would be distributed to all RCL shareholders in the ratio of one share of the SPV for every six RCL shares held. All shareholders of Reliance Capital Ventures Ltd (RCVL), currently in the process of merging with RCL, would also receive free shares as above of the SPV in line with their shareholdings in RCL, the statement said.
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