Reliance Infocomm valued at Rs 225 billion

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Reliance Infocomm valued at Rs 225 billion

July 15, 2005

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Reliance Infocomm has been valued at Rs 225.32 billion. Reliance Industries Limited (RIL), the promoter company, has converted preference shares of Reliance Infocomm into fully paid-up equity shares with a face value of Re 1 each, at a price of Rs 32 per equity share.

In the process, Reliance Infocomm will allot 2.87 billion equity shares of a face value of Re 1 each to RIL for a value of Rs 92.08 billion – the amount RIL had invested in the company. Prior to the conversion, Reliance Infocomm's paid-up capital was Rs 41.6 billion. Of this, around 43 per cent was held by RIL and the rest by Mukesh Ambani and associates. Following the conversion, the paid-up capital will increase to Rs 7.04 billion and RIL's holding will go up to 65.9 per cent from 45 per cent. Meanwhile the holding of the other promoters will be reduced to 34.1 per cent.