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RIL investors richer by Rs 10,000 cr
June 18, 2005 12:48 IST
The seven-month long raging fire between Ambani siblings, which got doused on Saturday, had no effect whatsoever on the die-hard investors in Reliance Industries as they pocketed Rs 10,000 crore (Rs 100 billlion) since the fuse was pulled on November 18 by the elder brother Mukesh raising "ownership" issues.
Between November 22 and announcement of the settlement by mother Kokilaben, the flagship RIL's market capitalisation rose by about 13 per cent to Rs 83,729.05 crore (Rs 837.29 billion) from Rs 74,399 crore (Rs 743.99 billion), as per the latest scrip price of Rs 600.85, which was 52-weeks high.
However, Nimesh Kempani of Morgan Stanley, who helped ICICI chief K V Kamath in the valuation process, is believed to have pegged the RIL's share at Rs 750.
The "proxy" battle, fought through "cronies" and media, saw the investors' fortune losing in IPCL, which would go to Mukesh. Its market capitalisation fell to Rs 4,035.12 crore (Rs 40.35 billion) on Friday from as high as Rs 4,629.41 crore (Rs 46.29 billion) on November 22.
In the case of other listed entities, Reliance Energy and Reliance Capital, which Anil Ambani would own, the wealth creation was phenomenal.
Reliance Capital's m-cap surged by close to 64 per cent to Rs 3,032.92 crore (Rs 30.32 billion) on Friday from as low as Rs 1,849.12 crore (Rs 18.49 billion) on November 22.
In the case of Reliance Energy, m-cap rose by nearly three per cent to Rs 11,553.62 crore (Rs 115.53 billion) on Friday from Rs 11,238.38 crore (Rs 112.38 billion) on November 22.
Kempani is believed to have valued Reliance Infocomm, a privately held company, in the range of Rs 23,000-25,000 crore (Rs 230 to 250 billion).
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