Reliance Petroleum merger approved by High Court
Mukesh Ambani
Reliance Petroleum merger with Reliance Industries has been approved today (15th Sep 09) by the Mumbai High Court and after the ruling Reliance Industries has set September 29th 2009 as the record date for the amalgamation. So, those who hold Reliance Petroleum shares on record date will be eligible for the swap to Reliance Industries. The swapping will be in the ratio of 16:1 that means if you have 16 shares of Reliance Petroleum then you will get 1 share of Reliance Industries. Reliance Industries has submitted the papers regarding this amalgamation to the BSE.
Based on the recommended merger ratio, Reliance Industries will issue 69.2 million new equity shares to the existing shareholders of Reliance Petroleum. The merger would create a platform for enhancing growth and reinforces RIL’s position as a major energy company. The combined operation would allow RIL to consolidate its refinery with minimal residual project risk and also reduce its operating costs.
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Sep 18th 2009
Very interesting development in the fuel industry. Thanks for the info.
Sep 18th 2009
Thanks for stopping by Abdullah, Its a family war like Mahabharata.