Mukesh Ambani to invest Rs.450 crore in RPL
Mumbai: Reliance Industries chairman, Mukesh Ambani plans to invest up to Rs450 crore in his personal capacity in the pre-initial public offer private placement of Reliance Petroleum (RPL) shares. Sources said Ambani would acquire the shares at around Rs60 a share — the same price to be offered to other private equity investors and retail investors. The pre-IPO placement is expected to be concluded tomorrow.

Ambani's personal stake in RPL will be around 1.67 per cent after the IPO. This is apart from the decision of Reliance Industries to acquire 900 million equity shares — exactly the same amount to be offered to the public — at the issue price as promoters' contribution. After the issue, the equity share capital will be Rs4,500 crore. The face value of the RPL share is Rs10.

A number of other private equity investors have shown interest in shelling out around Rs2,700 crore to acquire up to 450 million shares of RPL at Rs60 apiece. The combined shareholding of the investors, including Ambani's, will be 10 per cent of the post-initial public issue share capital of the company.
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Silver, gold zoom
Mumbai: Silver shot up further by Rs190 to close at yet another new high of Rs15,210 on the bullion market on Saturday due to heavy stockists' buying. Similarly, gold zoomed by Rs115 to end at Rs8,105 on frantic buying after a sharp rise in New York prices on Friday.

Ready silver opened at Rs15,070 and rallied further due to persistent demand, before ending at a new high of Rs15,210, revealing a whopping Rs190 rise over yesterday's close of Rs15,020.

Dealers attributed the persistent rise in silver to firm global advices. In New York the May silver hit a contract high of $10.77 per ounce, before settling 4.5 cents higher at $10.735 an ounce following the Securities and Exchange Commission issued an order on Thursday allowing a silver exchange-traded fund to be listed on the American Stock Exchange.
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