Anil Ambani group firm Reliance Communications Ventures Ltd is planning a ‘‘sponsored’’ secondary sale of stock overseas for up to $1 billion to attract foreign investors.A sponsored offering of American or global depository receipts will allow existing shareholders to offer their shares to overseas financial and strategic investors at a premium to the domestic market price. There will be no dilution of equity.Infosys had earlier made sponsored GDR offering abroad.The news lifted shares in Reliance Communications as much as 4.6 per cent to an all-time high of Rs 347.7 in a firm Mumbai market. The stock will become part of the BSE index from June 2.Reliance Communications, which competes mainly with carriers such as Bharti Airtel Ltd and state-run Bharat Sanchar Nigam Ltd, has a market value of $9 billion, making it the second-most valuable telecoms stock after New Delhi-based Bharti.
