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RCoVL listing-the history was made again

Written by: Staff

Mumbai, Mar 6: The History repeated was repeated again on the Bombay Stock Exchange (BSE) today as Reliance Communications Venture Limited (RCVL) made its maiden listing at Rs 290 with the ringing of ceremonial bell at 0954 hrs by Chairman Anil Ambani, the son of Reliance Group founder late Dhirubhai Ambani.

Dhirubhai, a pioneer in popularising the equity cult in the country, had made a similar maiden entry into the capital when he went ahead with the listing of Reliance Industries Limited (RIL) on 23rd January, 1978, accompanied by his sons--Mukesh and Anil.

Today, Anil also revisited the same path when he entered into the historic hall with his mother and Dhirubhai's wife Kokilaben and wife Tina to list the RCVL on BSE.

''RCVL is a new Reliance family'', Anil said in his opening remarks just before the listing.

Immediately after opening, its 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.

In less than five minutes of opening over one crore shares of the company were traded at the two exchanges, demonstrating wider acceptability of the company and ADAG whose market capitalisation before the listing was pegged at Rs 53,000 crore.

The opening of RCVL was with a market capitalisation of Rs 36,450 crore.

Recalling his family history, Anil said, RIL issue was launched in January 1978 just before and after the listing of shares of mega MNCs Hindustan Lever Limited and Indersoil Rand.

''My father did not bother about the big players and went ahead with the listing to mop up over Rs 800 crore with an enrollment of 55,000 shareholders,'' he said.

In his emotional speech, Anil said, ''My mother had been the force behind the success of my father, some even said hidden force. Now she is the force behind the success of myself and my elder brother Mukesh in creating two independent Reliance groups. We will gain strentgh to strength and create world-class assets for prosperity of our shareholders.''


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