Anil ups telecom stake to 66%

Following a restructuring of Reliance Communications’ shareholding, chairman Anil Ambani’s stake in the company has shot up to 66.62 per cent from 39.72 per cent as of March this year, catapulting his networth to Rs 41,500 crore in the telecom company alone.

he reorganisation move, which was initiated in March has been completed in less than 6 months while making Reliance Communications (RCoM) as the primary operating company for the entire telecom business of the group.

Under terms of corporate reorganisation, new equity shares of the company are being issued in exchange for Ambani’s direct equity shareholdings in RIC, RCIL and RTL and as consideration for the properties.

R-ADAG had received control of RCoM in February this year after the demerger scheme became effective in December last year.

An Ambani statement said the earlier equity structure had significant drawbacks with regard to resource mobilisation, transparency and valuations. Post-reorganisation, retail investors hold 12.93 per cent while foreign investors — FIIs, NRIs, GDRs and others own 14.15 per cent stake in the company. Domestic institutions, banks and mutual funds hold 6.3 per cent stake.

Following RIL’s de-merger, RCoM held 45.34 per cent of Reliance Infocomm (the CDMA venture) which in turn held 100 per cent of Flag Telecom. RCoM owned 45 per cent of Reliance Communications Infrastructure and 35.60 per cent of Reliance Telecom (the GSM venture) after the demerger.

RCoM said it has now become the primary operating company for the entire telecom business. The company and its wholly-owned subsidiaries own 100 per cent of the networks, facilities, licenses and properties used in its business.

These include the nationwide CDMA and GSM wireless networks, the national and intra-city fibre optic networks, the FLAG and FALCON global submarine cable systems, the Reliance World retail chain, the internet data centres, contact centres, network operating centres, and other facilities used in these businesses.

‘‘The entire shareholdings of the promoter group in certain affiliates will stand exchanged for equity shares of the company, thereby providing a simple and transparent ownership structure, and completely aligning the interests of the promoter group with over 2 million shareholders of the company,’’ a statement said.