Shareholders vote on RIL-RPL merger

Shareholders of Mukesh Ambani-led Reliance Industries met in Mumbai on Saturday in an extra-ordinary general meeting to vote on the merger of its subsidiary Reliance Petroleum with the company.

The result of the voting will be announced on Monday, an RIL spokesperson said.

Equity shareholders and secured and unsecured creditors of RIL took part in the meeting and voted on the merger proposal, the official said.

A separate EGM would be held on April 9 in Jamnagar of equity shareholders and secured and unsecured creditors of Reliance Petroleum to vote on the merger, he added.

Earlier on March 2, the boards of the two companies had approved the all-share merger deal, which entails shareholders getting one share of RIL for every 16 held in RPL.

After the share-swapping, RIL would have 3.7 million shareholders and the promoters holdings, including that of its chairman Mukesh Ambani, will fall by 2 per cent to 47per cent.

RIL is holding of 70.38 per cent in RPL which would be cancelled on absorption.

This is the fourth instance where RIL has absorbed one of its subsidiaries, the previous one being 7 years ago when Reliance Petroleum was merged with it.

The move would catapult RIL to top 20 oil refiners in the world.