RCoVL, RNRL raise FII investment limit to 74%

Mumbai, March 31 | Updated: Apr 1 2006, 05:30am hrs
Reliance Communication Ventures Ltd (RCoVL) and Reliance Natural Resources Ltd (RNRL) have both decided to increase the investment limit by foreign institutional investors (FIIs) up to a maximum of 74% of the total paid-up equity capital of the company. Both RCoVL and RNRL have informed the Bombay Stock Exchange (BSE) Ltd that the members of the companies have passed a special resolutions, by way of postal ballot, with the requisite majority.

Both the companies have decided to increase the authorised share capital, too. They would issue also securities under Employees Stock Options Scheme (ESOS). The borrowing limits of the companies would be enhanced and the mortgage or charge on the companies' assets would be created. They would issue securities in the international markets in one or more currencies, to persons or entities to both members and otherwise of the companies.

The registered office of the company would also be shifted to Goa from Maharashtra, the company announcement to BSE said. On the BSE, the RCoVL stock gained nearly 3%, or Rs 8.80, to end the day at Rs 308.90. The stock also touched an intra-day high of Rs 314.40 on Friday. A total of 41.67 lakh shares were traded on the BSE. The stock has been witnessing an impressive run in the recent past and has gained 6.54% of Rs 18.95 in the last one week.

On the other hand, RNRL notched up nearly 5% on Friday to end the day at Rs 33.35, which was also the day's high. A total of 68.32 lakhs shares changed hands on the BSE.