Reliance Communication Ventures to issue GDRs upto US$ One billion

Mumbai, June 5 (UNI) The board of Reliance Communication Ventures Ltd (RCVL), a company of the Reliance Anil Dhirubhai Ambani Group, has approved the sponsorship of the Global Depository Receipts or American Depository Receipts programme of the company for upto US one billion dollars.

The sponsorship of GDRs is subject to RCVL's board getting the right to retain additional equity shares for the purpose of over allotment not exceeding 20 per centa of the offer size, the company told BSE here.

The board has decided to change the name of the company from Reliance Communication Ventures Ltd to Reliance Communications Ltd.

Further the members at the extraordinary general meeting (EGM) of the company held on June 3 approved the above related matters.

Reliance Communication Ventures was originally incorporated on July 15, 2004, under the Companies Act, 1956 as Reliance Infrastructure Developers Private Limited.

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