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August 1, 2001
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Money > Business Headlines > Report August 1, 2001 |
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UTI offers part RPL pie for GDR: BSBS Corporate Bureau The Unit Trust of India has tendered a part of its Reliance Petroleum holdings in the company's proposed global depository receipts offer. The issue is proposed to be made by converting the company's existing shares. "Institutions such as the UTI have already tendered a part of their stake in RPL. However, I am not in a position to disclose more details," Anil Ambani, managing director, Reliance Industries said om Tuesday. A few days ago, the UTI top brass is reported to have said that the country's largest mutual fund was keen to sell its holdings in various corporates to bail out its flagship scheme US-64. Financial institutions hold about 10 per cent in RPL. The company is planning to complete its GDR during the current fiscal. Reliance Industries will offer about 13 per cent stake in RPL in tranches to strategic and financial investors as part of the issue. The existing domestic shareholders were given an option to deposit their shares in an escrow account in order to participate in the proposed float.
Morgan Stanley and Deutsche Bank are the lead managers to the offer.
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