RIL to up BSES stake to 58percent via preferential allotment

Reliance group power company BSES will make a preferential allotment of equity and equity-related securities at around Rs 640 per share, a large chunk of which will be allotted to the promoters. This will enable the Reliance group to hike its stake in BSES to around 58 per cent. The Reliance group’s stake in BSES had declined to around 51 per cent after the conversion of some outstanding foreign currency convertible bonds. The company has said in a notice issued to the Bombay Stock Exchange (BSE) that it has convened a meeting of the board on February 22, 2004, “to consider inter alia a proposal to issue equity/equity-related securities on a preferential basis subject to necessary approvals as may be required in this regard”. It is learnt t.....