High Court approves RNRL merger with R-PowerOctober 15th, 2010 - 9:33 pm ICT by IANS
Mumbai, Oct 15 (IANS) The Bombay High Court Friday gave green signal to the proposed merger of two Anil Ambani group companies, Reliance Power and Reliance Natural Resources Ltd (RNRL), to create a Rs.50,000-crore entity.
The High Court approved the Composite Scheme of Arrangement between Reliance Natural Resources Ltd. and Reliance Power and other group companies and their respective shareholders and creditors, both the companies said in a joint statement.
Shareholders of both the companies at their respective meetings held Sep 4 approved the merger proposals.
The two companies have agreed on a share exchange ratio of 1 equity share of face value Rs.10 each of Reliance Power for every 4 equity shares of face value of Rs.5 each of RNRL.
Shareholders base of Reliance Power will increase to 6 million from the present 3.5 million after allotment of shares to the shareholders of RNRL.
The group has claimed that the merger would benefit the shareholders of both the companies.
RNRL shareholders representing nearly 80 percent of its capital are also shareholders of Reliance Power, and over 80 percent of them received their shares free on demerger from Reliance Industries Ltd, a company statement said.
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