Anil Ambani Group company, Reliance Communication Ventures Ltd said on Monday it will raise upto $1 billion through its sponsored Global Depository Receipts and American Depository Receipts programme.
The shareholders at the extraordinary general meeting approved the issue of sponsored GDRs and ADRs upto $1 billion, with a green shoe option of 20 per cent of the offer size, the company informed the Bombay Stock Exchange.
The shareholders approved the scheme of amalgamation of nine subsidiaries of the company -- Reliance Infocomm, Reliance Communications Infrastructure, Reliance Communications Solutions, Reliance Software Solutions, Reliance Communications Technologies, Ambani Enterprises, Reliance Business Management, Formax Commercial and Panther Consultants with itself, it said.
The change of the company's name from Reliance Communication Ventures Ltd to Reliance Communications Ltd was also approved at the EGM.
The shares of the company closed at Rs 251, down 3.28 per cent at the BSE.
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