Reliance Industries Ltd (RIL), India’s largest company by market capitalisation, has offered one share for every 16 held in Reliance Petroleum (RPL) to merge its refinery subsidiary.
RIL will issue 69.2 million new shares to shareholders of RPL in order to buy back the company and will have 3.7 million shareholders after the merger. RIL’s equity capital will rise to Rs 1,643 crore and the promoter’s holdings will fall by 2 per cent to 47 per cent, the company said in a statement issued today.
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