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May 17, 2001
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Money > Business Headlines > Report May 17, 2001 |
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RPL plans Rs 10-billion pref floatBS Corporate Bureau Reliance Petroleum is planning to raise up to Rs 10 billion through redeemable preference shares in the course of its proposed domestic and/or international offering. The company, which is seeking shareholders approval for the move, is also evaluating the possibility of converting long-term loans into preference shares. The company has an equity base of Rs 42.995 billion and warrant equity shares of Rs 9.621 billion, of which 64 per cent is held by Reliance Industries. The parent has already announced that it proposes to offload up to 13 per cent stake to strategic investors. RPL, as at March 31, 2000, had outstanding debt of Rs 92.08 billion, taking its debt-equity ratio to around 1.3:1. With the company planning to raise another $750 million through debt, the debt-equity ratio would get further skewed if the equity base is not raised. In case its is a fresh issue of preference shares, the company has indicated that it could be allotted to promoters, debenture holders, foreign institutional investors, foreign financial institutions, and even other companies. At the same time shareholders meet, RPL will seek approval to increase the ceiling of foreign institutional investors holding to 49 per cent. The company will also seek the nod from shareholders for the appointment and reappointment of few directors. Dhirubhai H Ambani, chairman and K K Malhotra and S R Setlur, directors of the company retire by rotation at the AGM and offer themselves for reappointment. Powered by YOU MAY ALSO WANT TO READ:
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