ADAG announces listing schedule for de-merged companies

Our Corporate Bureau
09 February 2006

The boards of directors of the four companies, which held meetings yesterday reviewed the listing documents and also decided to submit revised information memoranda to the BSE and the NSE, to facilitate early listing.

According to a press release, the proposed listing schedule of Reliance Capital Ventures Ltd (RCVL) is during the week starting February 13, Reliance Energy Ventures Ltd (REVL) on February 20, Reliance Natural Resources Ltd (RNRL) on February 27, and Reliance Communication Ventures Ltd on March 6.

This means that the listings of the four companies are to be completed by February 17, February 24, March 3, and March 10 respectively.

Incidentally, Reliance Energy Limited and Reliance Capital Limited have both approved proposals to merge Reliance Energy Ventures and Reliance Capital Ventures respectively with themselves. These mergers are expected after the companies are listed.

The listing of Reliance Natural Resources (RNRL) may happen only by early March. A senior ADAG executive had stated last weekend that the group would seek amendments to the natural gas contract between RIL and RNRL. Terms of the gas supply contract are a major area of contention between the two groups.

Reliance Communication Ventures would be the last to get listed. There are unconfirmed reports that ADAG is trying to merge Reliance Infocomm (CDMA) and Reliance Telecom (GSM) before the holding company gets listed. Consolidating the businesses under one operating company would make valuation of the company easier but may face difficulties at the operational level as the two companies use different technologies.