Financial Daily from THE HINDU group of publications
Monday, Feb 06, 2006
Financial Daily from THE HINDU group of publications Monday, Feb 06, 2006 |
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Restructuring Corporate - Corporate Disputes Markets - Stocks Allotment of 4 demerged cos shares complete: RIL Our Bureau
Mumbai , Feb. 5 RELIANCE Industries Ltd (RIL) on Sunday said it has completed allotment of shares of the four de-merged companies. More than 23 lakh shareholders have received shares of Reliance Communication Ventures Ltd, Reliance Natural Resources Ltd, Reliance Capital Ventures Ltd and Reliance Energy Ventures Ltd in the ratio of one share of each of the aforesaid resulting companies for every share of RIL held by the shareholders. "Overall, it meant nearly 90 lakh allotments taking all the resulting companies together. This was a mammoth task competed in a record time of less than a week of the record date. The feat is unprecedented in the history of Indian stock markets", said Mr Sandeep Tandon, President, Reliance Industries Ltd, in a release said here today. Nearly 50 lakh share certificates were dispatched to shareholders in physical form across the country to enable them to have the benefit of shares on par with shareholders receiving allotments in electronic form. In view of the infrastructural limitations, RIL engaged hundreds of trucks and wagons to distribute the shares nationally. Arrangements were made with the registrar for timely allotment of shares through demat credit and postal dispatch. Information memorandums in respect of RCVL, REVL and RNRL were filed for expeditious listing of the resulting companies' shares on the stock exchanges. While all the formalities for the listing were completed by RIL on January 31, the shareholders will be able to trade their shares only after a formal listing announcement made by the stock exchanges, the release said.
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