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May 11, 2001
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Money > Business Headlines > Report May 11, 2001 |
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FIPB okays RPL's $1-billion ADR/GDRBS Corporate Bureau The Foreign Investment Promotion Board on Thursday recommended the Reliance Petroleum Ltd proposal for a $1-billion ADR/GDR float for consideration and approval by the Cabinet Committee on Economic Affairs. Sources said that Reliance Industries has indicated that the issue size can be anywhere between $750 million and $1 billion. RPL has proposed to divest 780 million equity shares through public offering in the New York Stock Exchange (ADR) and the Luxembourg Stock Exchange (GDR). The ADR/GDR issue is part of Reliance Industries plan to divest 13 per cent of its stake in RPL. The company has already informed the stock exchanges about its plans to divest 13 per cent in the group petroleum company. According to a company official, each shareholder will be given the option to participate in the share divestment on a scheme based on the proportion of shares held. Subject to cabinet approval, this may be the first ADR/GDR listing by an Indian corporate availing of the two-way fungibility of shares permitted in this year's Budget. The proposal was considered in the last meeting of the FIPB on April 26. However, a decision was deferred by a week since the union ministry of petroleum and natural gas sought more time to study the proposal and give its comments. There was no FIPB meeting on May 3. The CCEA's approval is required for all foreign investment plans exceeding Rs 6 billion. Powered by YOU MAY ALSO WANT TO READ:
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