RIL RPL Merger

MUMBAI: The Board of Directors of Reliance Industries has approved a scheme of amalgamation of its subsidiary Reliance Petroleum with the parent  company under the provisions of Sections 391 to 394 of the Companies Act, 1956. 

The scheme will be subject to necessary approvals of shareholders and creditors and sanctions of the High Court of Judicature at Bombay and the High Court of Gujarat at Ahmedabad. 

The Board of Directors amalgamation is April 01, 2008. Upon completion of the amalgamation, shareholders of RPL will receive 1 fully paid equity share of Rs 10 each of the company for every 16 fully paid equity shares of Rs 10 each of RPL held by them on the record date to be fixed by the transferee company. 

On Friday, shares of Reliance Industries closed at Rs 1,265.05, down 1.97 per cent on the BSE and RPL settled at Rs 76.20, 1.23 per cent in the red.