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After taking control of the four de-merged companies from RIL, the Anil Ambani-controlled ADAG is moving fast to list them on the stock exchanges. Now that ADAG has received full control of the companies as it wanted, the onus of their listing on the stock exchanges also rests with the group. The group seems to have realised the potential damage to its image if the listings are delayed further. The boards of directors of the four companies, which held meetings yesterday reviewed the listing documents and also decided to submit revised information memoranda to the BSE and the NSE, to facilitate early listing. According to a press release, the proposed listing schedule of Reliance Capital Ventures Ltd (RCVL) is during the week starting February 13, Reliance Energy Ventures Ltd (REVL) on February 20, Reliance Natural Resources Ltd (RNRL) on February 27, and Reliance Communication Ventures Ltd on March 6. This means that the listings of the four companies are to be completed by February 17, February 24, March 3, and March 10 respectively. Incidentally, Reliance Energy Limited and Reliance Capital Limited have both approved proposals to merge Reliance Energy Ventures and Reliance Capital Ventures respectively with themselves. These mergers are expected after the companies are listed. The listing of Reliance Natural Resources (RNRL) may happen only by early March. A senior ADAG executive had stated last weekend that the group would seek amendments to the natural gas contract between RIL and RNRL. Terms of the gas supply contract are a major area of contention between the two groups. Reliance Communication Ventures would be the last to get listed. There are unconfirmed reports that ADAG is trying to merge Reliance Infocomm (CDMA) and Reliance Telecom (GSM) before the holding company gets listed. Consolidating the businesses under one operating company would make valuation of the company easier but may face difficulties at the operational level as the two companies use different technologies. It is also speculated that ADAG is trying to sell a small stake in Reliance Communication Ventures to a private equity investor before listing. Such a transaction would give an idea about the potential valuation of the company ahead of its listing. The shares of Reliance Communication Ventures are trading in a wide price range in the grey market as nobody is sure about the correct valuation of the company. The complex holding structure and lack of detailed information about the financials make price determination of the stock even more difficult.
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