RPL's outstanding warrant equity shares (WES-1999) has been converted into fully paid equity shares of Rs 10 each of the face value of Rs 449 crore on November 22, 1999. This has been done in accordance with the offer terms made in June 1998, according to a release.

Likewise, RPL's outstanding WES-2000 and WES-2001 will be converted into fully paid equity shares of Rs 10 each of the face value of Rs 898 crore in two equal amounts of Rs 449 crore each in November 2000 and November 2001 respectively.

The original TOCD holders, who have opted for full conversion of equity will receive 5 equity shares of RPL, of Rs 10 each at an average price of Rs 12 per share. The market price of RPL is around Rs59 per share, according to the release.

Indian financial institutions and mutual funds approximately hold 9 per cent of RPL's present equity share capital. GDRs represent approximately 9 per cent and the balance 22 per cent is held by over 22 million retail investors, the release said.