Reliance Industries Limited (RIL) has initiated the necessary steps to implement its proposal of the Preferential Offer of Warrants to its Promoter
February 27, 2007 (Press Release) --
Mumbai, February 26, 2007: Reliance Industries Limited (RIL) has initiated the necessary steps to implement its proposal of the Preferential Offer of Warrants to its Promoter /
Promoter group pursuant to the Board Meeting held on 24 th February 2007. Consent of the Shareholders is being sought through a Postal Ballot. The issue price of the shares arising out of exercise of the warrants will be Rs.1402. This price is the average of the weekly high and low of the closing prices of the Company’s equity shares quoted on the National Stock Exchange of India Limited during the two weeks preceding the relevant date i.e. 27 th February 2007. The above price of Rs.1402 is as against the price of Rs.1253 per share being the average of the weekly high and low of the closing prices of the Company’s equity shares quoted on the National Stock Exchange of India Limited during the six months preceding the relevant date i.e. 27 th February 2007. The last date for receipt of the Postal Ballot from the Shareholders is 29 th March 2007. The Company is expected to announce the results of the resolution being passed through Postal Ballot on 30 th March 2007.
Reliance Industries Limited Reliance Industries Limited (RIL) is India’s largest private sector company on all major financial parameters with turnover of Rs 89,124 crore (US$ 20 billion), cash profit of Rs 13,174 crore (US$ 3 billion), net profit of Rs 9,069 crore (US$ 2 billion), net worth of Rs 49,804 crore (US$ 11 billion) and total assets of Rs 93,095 crore (US$ 20.9 billion). RIL is the first and only private sector company from India to feature since 2004 Fortune Global 500 list of ‘World’s Largest Corporations’ and ranks amongst the world’s Top 200 companies in terms of profits. RIL emerged in the world’s 10 most respected energy/chemicals companies and amongst the top 50 companies that create the most value for their shareholders in a global survey and research conducted by PricewaterhouseCoopers and Financial Times in 2004. RIL also features in the Forbes Global list of world’s 400 best big companies and in FT Global 500 list of world’s largest companies.
Promoter group pursuant to the Board Meeting held on 24 th February 2007. Consent of the Shareholders is being sought through a Postal Ballot. The issue price of the shares arising out of exercise of the warrants will be Rs.1402. This price is the average of the weekly high and low of the closing prices of the Company’s equity shares quoted on the National Stock Exchange of India Limited during the two weeks preceding the relevant date i.e. 27 th February 2007. The above price of Rs.1402 is as against the price of Rs.1253 per share being the average of the weekly high and low of the closing prices of the Company’s equity shares quoted on the National Stock Exchange of India Limited during the six months preceding the relevant date i.e. 27 th February 2007. The last date for receipt of the Postal Ballot from the Shareholders is 29 th March 2007. The Company is expected to announce the results of the resolution being passed through Postal Ballot on 30 th March 2007.
Reliance Industries Limited Reliance Industries Limited (RIL) is India’s largest private sector company on all major financial parameters with turnover of Rs 89,124 crore (US$ 20 billion), cash profit of Rs 13,174 crore (US$ 3 billion), net profit of Rs 9,069 crore (US$ 2 billion), net worth of Rs 49,804 crore (US$ 11 billion) and total assets of Rs 93,095 crore (US$ 20.9 billion). RIL is the first and only private sector company from India to feature since 2004 Fortune Global 500 list of ‘World’s Largest Corporations’ and ranks amongst the world’s Top 200 companies in terms of profits. RIL emerged in the world’s 10 most respected energy/chemicals companies and amongst the top 50 companies that create the most value for their shareholders in a global survey and research conducted by PricewaterhouseCoopers and Financial Times in 2004. RIL also features in the Forbes Global list of world’s 400 best big companies and in FT Global 500 list of world’s largest companies.
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