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Friday, Jul 22, 2005

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Corporate - Preferential Allotments

ADAE to invest Rs 2,300 cr in Reliance Capital

Our Bureau

Mumbai , July 21

ANIL Dhirubhai Ambani Enterprises (ADAE) will be infusing fresh equity capital to the tune of Rs 2,300 crore in Reliance Capital Ltd (RCL). The proposal for preferential allotment got the shareholders' approval at an extra-ordinary general meeting of RCL recently.

The shareholders also approved the raising of foreign investment limit in the company from the existing level of 24 per cent to 49 per cent. As much as 15 per cent of the RCL equity will come from Mr Dipender Bhatia of Ironbound Capital and Mr Sam Gupta of Passport Capital.

The allotment is being made at Rs 228 a share. With this, the equity capital of RCL will go up to Rs 4,500 crore from the existing Rs 1,500 crore.

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