According to news reports, Reliance Infocomm has been valued at Rs 225.32 billion. Reliance Industries Limited (RIL), its promoting company, has converted the preference shares of Reliance Infocomm into fully paid-up equity shares with a face value of Re 1 each, at a price of Rs 32 per equity share. In the process, Reliance Infocomm will allot 2.87 billion equity shares of a face value of Re 1 each to RIL for a value of Rs 92.08 billion ?? the amount RIL had invested in the company. Prior to the conversion, Reliance Infocomm’s paid-up capital was Rs 41.6 billion. Of this, around 43 per cent was held by RIL and the rest by Mukesh Ambani and associates. After the conversion, the paid-up capital will go up to Rs 7.04 billion and RIL’s holding in the company will increase to 65.9 per cent from 45 per cent. The other promoters’ holding will be reduced to 34.1 per cent.
