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RCVL closes at the listing price of Rs 290 on BSE

Written by: Staff
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Mumbai, March 6 (UNI) The Anil Ambani-owned Reliance Communications Venture Limited (RCVL), which was listed on the bourses this morning, closed a shade ahead of its listing price of Rs 290 on the Bombay Stock Exchanges(BSE).

While the RCVL shares closed at Rs 290.45 at the BSE after getting listed at Rs 290 in the morning, registering an intra-day high of Rs 309 and a low of Rs 277.15, it closed at 290.60 on the National Stock Exchange (NSE) after being listed at Rs 298. It hit an intra-day high of Rs 307 and a low of Rs 276.15.

Over 6.21 crore shares were traded on the two exchanges during the day.

Mr Anil Ambani, Chairman of the Anil Dhirubhai Ambani Enterprise (ADAE) was present at the BSE at the ceremonial ringing of the bell to mark the company's listing on the stock markets.

''The stock would have listed higher had the foreign institutional investors (FIIs) been allowed to buy the stock,'' said a top stock analyst.

FIIs were not allowed to buy in RCVL right now though they are permitted upto 74 per cent holding in Indian telecom companies.

Mr Anil Ambani, as the promoter, holds 37 per cent shares of RCVL and the rest 63 per cent are held by the public.

RCVL is the last of the four companies to be listed on the bourses after their transfer to Anil Ambani as result of their demerger from the Mukesh Ambani-controlled Reliance Industries Limited.

UNI GC/RRP AW1705

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