Reliance Communication Ventures on Monday got listed at the Bombay Stock Exchange opening strongly at Rs 290 a share.
The price was discovered after the RCOVL chief Anil Ambani rang the ceremonial bell at BSE.
Immediately after opening, RCOVL shares spurted on a good demand to touch Rs 309. At National Stock Exchange, the scrip opened at Rs 298 and touched a high of Rs 307 a share within minutes.
In less than five minutes of opening over one crore shares of the company were traded at the two exchanges, demonstrating wider acceptability of the company and ADAG whose market capitalisation before the listing was pegged at Rs 53,000 crore (Rs 530 billion).
The opening of RCOVL was with a market capitalisation of Rs 36,450 crore (Rs 364.5 billion).
Just before the trading started, Anil recalled the family history including how his father Dhirubhai Ambani had launched Reliance's maiden issue in 1978.
Accompanied by his mother Kokilaben and wife Tina, Anil made an emotional address at the BSE.
"My mother had been the force behind the success of my father, some even said hidden force. Now she is the force behind the success of myself and my elder brother Mukesh in creating two independent Reliance groups. We will gain strength to strength and create world-class assets for the prosperity of our shareholders."
Reliance Communication Ventures Ltd today informed the BSE that it has sought the approval of its shareholders through postal ballot for increase in the FII up to 74 per cent by the month end.
The company has also sought approval of shareholders for tapping the overseas market through issue of securities including ADRs and GDRs in a way that it does not increase the subscribed equity share capital of the company by more than 25 per cent.
In a communique to stock exchanges, RCOVL said it has sought permission for increasing its authorised share capital to Rs 1,500 crore (Rs 15 billion) from Rs 650 crore (Rs 6.5 billion) and issuing shares to its staff under an employees stock option scheme up to five per cent of its total shares.
Besides, the company has sought members' approval for mortgaging its movable and immovable properties through special and ordinary resolutions by way of postal ballots.
RCOVL also plans to shift its registered headquarters from Maharashtra to Goa, it said, adding the results of the postal ballot would be announced on March 31, 2006.
The company plans increase its authorised share capital from Rs 650 crore divided into 130 crore (Rs 1.3 billion) equity shares of Rs 5 each to Rs 1,500 crore divided into 200 crore (Rs 2 billion) equity shares of Rs 5 each and 100 crore (Rs 1 billion) unclassified shares of Rs 5 each.
RCOVL sought approval for borrowing money from banks and financial institutions with the condition that its total borrowing would not exceed Rs 10,000 crore (Rs 100 billion) over and above the aggregate of paid up capital and its free reserves at any given time.
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