Bombay High Court gives nod for RPower, RNRL merger | business | Hindustan Times
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Bombay High Court gives nod for RPower, RNRL merger

Anil Ambani-led Reliance Power and Reliance Natural Resources Ltd (RNRL) said the Bombay High Court has approved the merger of both entities.

business Updated: Oct 16, 2010 01:43 IST

Anil Ambani-led Reliance Power and Reliance Natural Resources Ltd (RNRL) on Friday said the Bombay High Court has approved the merger of both entities.

According to the scheme of arrangement, Reliance Power (RPower) shall issue and allot one equity share of Rs 10 face value for every four equity shares of Rs 5 face value of RNRL, the companies said in separate filings to the Bombay Stock Exchange.

The merger would increase RPower's shareholders' base to over 6 million from 3.5 million at present.

Following the arrangement, RPower's net worth would rise by over Rs 16,000 crore, with the contribution of about Rs 1,900 crore from RNRL, the filing added.