Reliance Communications Ventures Limited (RCoVL) is reportedly planning a $1 billion sponsored secondary market offering overseas. RCoVL, which was listed on the BSE and the NSE on March 6, 2006, is likely to offer 6 per cent to 7 per cent of the paid-up equity share capital in the overseas market through a GDR/ADR issue. The transaction would take place in two tranches. While a chunk of its shares would be offered to strategic investors in the first tranche, the second tranche would reportedly be sold only to Japanese retail and institutional investors.
