Financial Daily from THE HINDU group of publications
Tuesday, Dec 27, 2005
Financial Daily from THE HINDU group of publications Tuesday, Dec 27, 2005 |
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Corporate
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Mergers & Acquisitions Markets - Stocks RIL promoters to consolidate holding thru group transfer Our Bureau
Mumbai , Dec. 26 RELIANCE Industries promoters (Mukesh Ambani and family) have started consolidating their holding in the company through inter-se transfer. As part of the transfer, various promoters' companies - Bhumika Trading, Eklavya Mercantile, Ekansha Enterprise and Ornate Traders - plan to acquire 2.23 crore shares (1.61 per cent equity). The proposed acquisition is likely to be on or after December 30, RIL said in a notice to NSE. The acquisition price per share would be at a variation of one per cent of closing price on the previous day or the market price on the day of acquisition. On Monday, the stock closed at Rs 832.70, down 1.21 per cent on the NSE. The shareholding of these companies would increase to 10.05 per cent from 8.44 per cent after the acquisition. These companies acquired 4.94 crore equity shares of Reliance Industries on December 21 by way of block deals on the stock exchange in inter-se transfer of shares. On the same day, Bhumika Trading acquired 8.19 lakh shares from open market under creeping acquisition route. Meanwhile, Reliance-Anil Dhirubhai Ambani group has clarified that the listing of shares of resulting companies out of de-merger would not be possible on and around January 18, 2006, when the shares of RIL would be traded without the benefit of de-merged companies.
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