Reliance board approves $1bn ADR issue

MUMBAI: Reliance Communication Ventures Ltd has changed its name to Reliance

Communications Ltd.

The company's board, in its Extra Ordinary General Meeting (EGM) held

today, have unanimously approved the sponsored Global Depository Receipts /

American Depository Receipts (ADR) programme of the company for not greater than

US $ 1 billion.

However, the Board at its absolute discretion will have the right to retain

additional Equity Shares for the purpose of over allotment, not exceeding 20 per

cent of the offer size.

The equity shareholders of the company at its meeting held on June 03, 2006,

have approved with the requisite majority, the scheme of amalgamation and

arrangement of Reliance Infocomm Ltd and Reliance Communications Infrastructure

Ltd and Reliance Communications Solutions Pvt Ltd and Reliance Software

Solutions Pvt Ltd and Reliance Communications Technologies Ltd and Ambani

Enterprises Pvt Ltd and Reliance Business Management Pvt Ltd and Formax

Commercial Pvt Ltd and Panther Consultants Pvt Ltd with the Reliance

Communication Ventures Ltd, now called Reliance Communications Ltd.

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