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Reliance Communications Ltd To Unlock Substantial Shareholder Value By Demerger Of Real Estate Into Separate Company


Sunday, 7 Jul 2013 10:44pm EDT 

Reliance Communications Ltd announced that its Board of Directors has in-principle decided on a demerger of the real estate held by RCOM into a separate unit, Reliance Properties Ltd., to unlock substantial value for the benefit of its approximately two million institutional and retail shareholders. The proposed separation of real estate into a separate unit is part of RCOM's strategic plan to divest non-core assets, and focus on its core wireless and enterprise business. Reliance Properties Ltd. will be a separate listed Company. All shareholders of RCOM will receive fully tradeable pro-rata shareholding in Reliance Properties Ltd., FREE OF COST, based on their existing shareholding in RCOM. Reliance Properties will work with leading global partners to develop the real estate, and unlock this value for the benefit of its approximately two million shareholders. The properties proposed to be developed by Reliance Properties include inter alia: Prime land at Dhirubhai Ambani Knowledge City, Navi Mumbai measuring nearly 135 acres, with saleable area of over 15 million sq. ft. and Prime property near Connaught Place, New Delhi measuring nearly 4 acres. 

Company Quote

80.5
1.25 +1.58%
26 Dec 2014