Reliance Energy to go for mega overseas issue, net up 207 pc

The board of Reliance Energy Limited (REL), which has already firmed up its investment plan of Rs 20,000 crore for the period 2004-09, today...

The board of Reliance Energy Limited (REL), which has already firmed up its investment plan of Rs 20,000 crore for the period 2004-09, today approved the issue of upto 10 million preference share capital and securities in the international market. These shares will be in the form of GDRs or ADRs. However, the company declined to divulge details relating to the timing for the issuance of these shares.

REL chairman Anil Ambani said that the company has already sent out communication to the BSE in this regard. “The company will always prefer to raise funds at the cheaper rates,” he noted.

REL’s move is crucial when during the quarter ended March 31 it has allotted 17,230,000 (face vale of Rs 17.23 crore) equity shares on a preferential basis to the promoters/Indian institutions/foreign institutional investors (FIIs). REL has also issued zero coupon foreign currency convertible bonds aggregating to $178.058 million (Rs 800.19 crore). These bonds are convertible into GDR’s/shares.

Meanwhile, REL’s net profit for the quarter ended March 31 rose at 314 pc to Rs 103.79 crore as compared to Rs 25.07 crore in the same period of the previous fiscal. Total income during the reporting quarter rose to Rs 876.56 crore as compared to Rs 646.87 crore in the previous fiscal. For the fiscal 2003-04, REL’s net profit increased to Rs 374.12 crore against a net profit of Rs 121.87 crore in the previous fiscal, a rise of 206.9 pc. The board today recommended, in addition to three quarterly dividends aggregating Rs 3 per equity share of Rs 10 each paid for the year 2003-04, a final dividend of Rs 1.50 per equity share of Rs 10 each.

NIA chargesheets 3 in Amritsar temple grenade attack case

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The NIA has charged three individuals for the grenade attack on a temple in Amritsar, Punjab. The investigation revealed a larger conspiracy involving terror operatives in India and abroad. The NIA is determined to bring justice and prevent future threats to national security by tracing financial networks and apprehending other suspects.

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