RNRL, RCoVL hike FII limit to 74 % | india | Hindustan Times
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RNRL, RCoVL hike FII limit to 74 %

Anil's companies have got shareholders' approval for increasing their Foreign Institutional Investors limit to 74 per cent.

india Updated: Mar 31, 2006 17:33 IST

Anil Ambani-controlled Reliance Natural Resources Ltd and Reliance Communication Ventures Ltd said on Friday that they have got shareholders' approval for increasing their Foreign Institutional Investors limit to 74 per cent.

In separate notices to stock exchanges, RNRL and RCoVL said the shareholders, through postal ballot, have also approved tapping foreign markets to raise funds and enhancing borrowing limit to Rs 10,000 crore.

The two recently-listed firms got shareholders' consent to issue securities including ADRs, GDRs, bonds and debentures in a way that it does not increase the subscribed equity share capital of the companies by more than 25 per cent.

The increase in their authorised share capital to Rs 1,500 crore from Rs 650 crore and issuing shares to its staff under an Employees Stock Option Scheme up to five per cent of its total shares, was also approved through the postal ballot.

Besides, the companies have got members' approval for mortgaging its moveable and immovable properties through special and ordinary resolutions by way of postal ballots.

RNRL and RCoVL have also got the consent to borrow money from banks and financial institutions with the condition that total borrowings would not exceed Rs 10,000 crore over and above the aggregate of paid up capital and its free reserves at any given time.

The two companies also plan to shift their registered headquarters from Maharashtra to Goa, it added.