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RIL shareholders vote result today

The result of the voting to consider the Reliance Industries-Reliance Petroleum merger will be announced today, a Reliance spokesperson said.

business Updated: Apr 06, 2009 09:27 IST

The result of the voting to consider the Reliance Industries-Reliance Petroleum merger will be announced today, a Reliance spokesperson said.

Equity shareholders, secured and unsecured creditors of Reliance Industries took part and voted at the court-convened extra-ordinary general meeting (EGM) of Reliance Industries on Saturday.

Justice B N Srikrishna (Retd) was appointed as the Chairman for the meeting.

On April 9, equity shareholders, secured and unsecured creditors of Reliance Petroleum would meet at an extra-ordinary general meeting to be held in Jamnagar, the spokesperson said.

The Boards of the two companies had earlier approved the all-share merger deal, which entails shareholders getting one share of RIL for every 16 shares held in RPL.

Following the share-swapping, RIL would have 3.7- million shareholders and the promoters holdings, including that of its Chairman Mukesh Omani, will fall by 2 per cent to 47 per cent. RIL is holding 75.38 per cent in RPL which would be cancelled on absorption, the EGM notice said.