Promoters to pick up stake in RIL at Rs.1402 per share

Reliance Industries Ltd (RIL) has announced that the Company 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 February 24, 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 Ltd during the two weeks preceding the relevant date i.e. February 27, 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 Ltd during the six months preceding the relevant date i.e. February 27, 2007.

The last date for receipt of the Postal Ballot from the Shareholders is March 29, 2007. The Company is expected to announce the results of the resolution being passed through Postal Ballot on March 30, 2007.

Source : Equity Bulls

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