Ril To Go Easy Over Nyse Listing

Reliance Industries (RIL) yesterday said it was not rushing to get its shares listed on the New York Stock Exchange (NYSE). The company had made the announcement two years back, but has yet to file any application with the Securities & Exchange Commission.

Managing director Anil Ambani said: "We are in no hurry to list the share on NYSE. That is because we do not have any immediate capital raising plans."

"Under the situation, the least we can do is convert the outstanding GDRs into ADRs. We have spoken to our foreign shareholders but the indication we get is that they are not interested in such a move."

Ambani ruled out the possibility of another equity dilution, because as per the buyback norms, it cannot go for any more equity issue till 2003. The company will buy back shares at Rs 303 per share.

The promoters meanwhile have increased their stake by 2 per cent to 40 per cent in the current year. The Ambanis can increase another 3 per cent stake which would be 30 million shares, taking it up to 43 per cent. Ambani said the promoters would like to take the holding to 51 per cent.

Ambani said RIL will consolidate Reliance Petroleum's balance sheet to get the full benefits of such investments.