Mumbai: Anil Ambani’s Reliance Communications ventures listed on the stock markets on Monday. It listed at a price of Rs 290 on the BSE, and at Rs 298 on the NSE.
Immediately after opening, RCOVL shares spurted on a good demand to touch Rs 309. At NSE, the scrip opened at Rs 298 and touched a high of Rs 307 a share within minutes.
It is the holding company of Reliance Infocomm, leading wireless service operator. Just ahead of the listing, Anil Ambani escorted his mother, Kokila Ben Ambani to the podium.
Anil then rang the gong for the company's listing on the Bombay Stock Exchange, moments before the stock markets opened.
Ambani says his group's market cap will rise over 50,000 crore after this listing.
Anil Ambani exuded confidence that the group's market capitalisation would improve significantly from over Rs 50,000 crore, after the listing of Reliance Communications Ventures (RCOVL), on the BSE.
Claiming a significant advantage over competitors Bharati and Tatas in the telecom operations, Anil Ambani has expressed keenness to hike foreign direct investment in Reliance Communication Ventures up to 74 per cent to attract global investors.
Anil said, "Considering all major parameters we are among the top three business groups of the country. We would be keen to hike FDI, a mechanism would be in place after 2-3 weeks of listing."
RCOVL, which earlier this month sought approval of the shareholders through postal ballot for increase in the FDI up to 74 per cent by the month end, presently has foreign holding of 32 per cent just behind promoters stake of 37 per cent.
In the presentation, available of the company's website, Anil compared his telecom operations with Bharati and Tatas on a number of parameters to deduce that performance of RCOVL as also the networking and international traffic was higher than the competitors.
Some of the brokers who attended the presentation says: "Anil put the net worth of the group at Rs 26,500 crore and its net asset value at over Rs 31,000 crore."
The presentation made a day before RCoVL's listing, followed an eight-day whirlwind global road show made by Anil. During the presentation, Anil said he would not favour cross holding among the group companies.
With Agency inputs
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