Reliance Communications Allots 821484568 Equity Shares

Reliance Communications Ltd has announced that the Committee of the Board of Directors of the Company at its meeting held on September 14, 2006, has allotted 8,21,484,568 equity shares of Rs 5 each to the shareholders of the Transferor Companies, in terms of the Scheme of Amalgamation and Arrangement ("Scheme"), as sanctioned by the High Court of Gujarat at Ahmedabad and the High Court of Judicature at Bombay, vide order dated July 18, 2006, and July 21, 2006 respectively.

Post this allotment, the equity share capital of the Company stands increased to 204,46,14,990 equity shares of Rs 5 each aggregating Rs 1022.31 crore. The shareholding of the Promoters stands increased to 66.75%.

The above equity shares shall rank pari passu in all respects with the existing equity shares of the Company and shall be entitled for full dividend, if any, to be declared for the financial year 2006-07.

Source : Equity Bulls

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