RIL-Reliance Petroleum Ltd merger finalised
Reliance Industries Limited (RIL) and Reliance Petroleum Ltd (RPL) merger has been finalised.
As per the terms of the merger RPL shareholders will be getting one RIL share for every 16 shares held. The merger ratio is slightly in favour of RPL and will be effective from April 1, 2008.
RIL will also extinguish treasury stock following the merger.
Chairman and Managing Director of RIL Mukesh Ambani said that the merger followed the “enduring philosophy of creating shareholder value”.
Ambani said that they will issue 6.92 crore shares to RPL shareholders following merger.
RIL and RPL board met on Monday and finalised the merger.
[ Contimue reading original article posted on IBNLive ]