Reliance Infrastructure declares shares pledged by promoters

RelianceAnil Ambani-led Reliance Infrastructure, in a revelation before Bombay Stock Exchange, said that one of its promoters AAA Communication Pvt Ltd. pledged 16.35 per cent stakes in Reliance Infrastructure. Its other promotes includes Reliance Capital, Sonata Investments Ltd, Reliance Inn ventures Pvt. Ltd, Reliance General Insurance Company besides Ambani family.

Total of 3.72 crore shares are able to fetch Rs 2,119.92 crore to the promoter, considering prevailing market price of shares of Reliance Infrastructure. AAA Project Ventures held a 36.66 per cent stake out of 37.33 per cent stake of promoters in the firm.

Reliance Infra plans to buy back shares

Reliance Infra plans to buy back sharesReliance Infrastructure Ltd plans a special program to buy-back shares worth $143 million, in a bid to reduce outstanding number of equity shares in troubled times, till mid April. The firm would buy shares at maximum price of Rs 700 per share with premium of 27 per cent to the prevailing market price. Soon, it would start buy back process through open market purchase.

The firm hopes increased earning per share, leading to improvement in net worth. The company had also brought back 87.60 lakh shares worth Rs 796 crore trough an open offer closed on Feb 6, 2009.

RIL hopes to increase power generation capacity

RIL hopes to increase power generation capacityIndia's power generation capacity may increase by 500 to 4,000 MW in months to come following RIL's contribution of around 18 mmscd gas from KG basin D6 block. Country, mainly dependent on import of liquefied gas and other petroleum products, has a reason to cheer as it would help to cut import bill, a big burden of state exchequer.

Sony accused by BIG TVof bias, walks out of IPL

Sony accused by BIG TVof bias, walks out of IPLIt has recently come to vision that Reliance-Anil Dhirubhai Ambani Group (R-ADAG)-controlled BIG TV has withdrawn from partnering the Indian Premier League (IPL). The reason behind the withdrawal is the discrimination by the league's broadcast rights-holder Sony Entertainment Television (SET).

IPL CEO Sundar Raman was the one who received the BIG TV's decision, who alleged that SET has decided to provide the contract to competitor Airtel DTH, though it quoted a lower price for on-air partnership, sources close to the development told Business Standard.

Reliance Communication inks pact with US-based Ditech Network

Ditech Networks & RelianceAnil Ambani-led Reliance Communication (RCOM) has signed an agreement with US-based Ditech Networks to deploy the latter's voice enhancement solution on its recently unveiled GSM network.

The deal is estimated to be worth Rs 50 crore and deployment is expected to enhance voice clarity on Reliance Mobile by approximately 30 per cent'.

Under the arrangement, RCOM will initially deploy Ditech's voice enhancement solutions across Top 10 towns and then extend coverage across other locations.

It should be noted that on Thursday, RCom has already commenced trial runs on Ditech's network

Reliance Infrastructure announces another buyback offer worth Rs 700 crore

Reliance Infrastructure LtdIndia's Reliance Infrastructure Ltd, part of the Anil Dhirubhai Ambani group, on Friday launched a Rs 700 crore ($144 million) buyback offer to boost its share price and returns.

The company said it would buy back shares from the open market at up to Rs 700 each, a premium of more than 27 percent to Thursday's closing price of Rs 550. It may be noted that the buyback announcement comes within a week of the infrastructure firm completing its Rs 796 crore buyback from the open market.