Financial Daily from THE HINDU group of publications
Tuesday, Jun 06, 2006
Financial Daily from THE HINDU group of publications Tuesday, Jun 06, 2006 |
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Info-Tech
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Telecommunications Markets - Overseas Borrowings Our Bureau
Mumbai , June 6 An extraordinary general meeting of Reliance Communication Ventures Ltd has approved the issue of sponsored global depository receipts/American depository receipts of the company for an amount not greater than $1 billion (Rs 4,500 crore). The board will have the right to retain additional equity shares for over-allotment not exceeding 20 per cent of the offer size, said a statement from the company to the stock exchanges. The change of the company's name to Reliance Communications Ltd was also approved at the EGM. The shareholders of the company has also approved the schemes of amalgamation of Reliance Infocomm, Reliance Communications Infrastructure Ltd, Reliance Communications Solutions Technologies Ltd, Ambani Enterprises Pvt Ltd, Reliance Business Management Pvt Ltd, Formax Commercial Pvt Ltd and Panther Consultants Pvt Ltd with Reliance Communications Ventures.
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