Anil group to open RNRL share offer from May 3
R-ADAG will make an open offer from May 3 to May 22 to acquire 32.66 cr shares of Reliance Natural Resources for Rs 838 cr.india Updated: Mar 16, 2006 12:28 IST
Anil Ambani's Reliance group (R-ADAG) will make an open offer from May 3 to May 22 to acquire 32.66 crore shares of Reliance Natural Resources Ltd for Rs 838 crore.
The open offer would constitute 20 per cent of the expanded equity share capital of RNRL and is in accordance with SEBI norms, RNRL informed the stock exchanges.
This follows a decision by the RNRL Board yesterday, which also approved a preferential offer of 41 crore equity shares to R-ADAG or long term financial investors to strengthen the company's capital base and financial position.
As part of the preferential offer, R-ADAG will subscribe up to 41 crore shares for Rs 1,052 crore at a minimum price of Rs 25.65 per share. Post-allotment, the promoter holding will go up to 55 per cent from 40 per cent and RNRL's net worth will rise to Rs 1,660 crore from Rs 608 crore currently.
RNRL is one of the four companies transferred to Anil after settlement with elder brother Mukesh Ambani.