RIL-RPL merger: EGM decision tomorrow

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

Result of the court-convened 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.

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, the spokesperson added.

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

Post 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 47 per cent. RIL is holding of 70.38 per cent in RPL, which would be cancelled on absorption.

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