RIL share value seen between Rs 650-Rs 700.

Economic Times (New Delhi, India), January, 2006

Jan. 19--MUMBAI, India -- A special RIL trading session is being held to facilitate proper price discovery in RIL shares after the demerger of four companies -- Reliance Energy Ventures, Reliance Capital Ventures, Reliance Communication Ventures and Reliance Natural Resources -- from RIL into separate companies.

RIL has worked out internal estimates of the cost of acquisition of shares of RIL and the four demerged entities, for income tax purposes. Accordingly, the pre-merger cost of acquisition of shares is estimated at 52 percent for RIL, 38.7 percent for Reliance Communication Ventures, 7.3 percent for Reliance Energy Ventures, 1.3 percent for Reliance Capital Ventures and 0.7 percent for Reliance Natural Resources.

Market sources, however, say the...

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