REL, REVL shareholders approve merger

Mumbai, Apr 27 (UNI) The shareholders of Reliance Energy Ltd(REL) and Reliance Energy Ventures Ltd(REVL) today approved the merger of REVL with REL at their High Court convened extra-ordinary general body meetings respectively.

Accordingly, the proposed scheme of merger envisages a share exchange ratio of 7.5 equity shares of the face value of Rs 10 each of the company, for every 100 equity shares of the face value of REVL -- after the allotment of shares pursuant to the demerger of Reliance Industries Ltd(RIL).

Further, the shares of REL held by REVL will be cancelled under the proposed scheme of merger, while the fully diluted equity capital of REL will remain at approximately Rs 213 crore.

Similarly, the shareholders of Reliance Capital Ltd(RCL), another company of Anil-Dhirubhai Ambani Enterprise(ADAE), and Reliance Capital Ventures Ltd(RCVL) also approved the merger of RCVL with RCL at the EGM respectively today.

The merger scheme envisaged a share exchange ratio of 5(five) equity shares of the face value of Rs 10 each of the company, for every 100 (one hundred) equity shares of the face value of Rs 10 each of RCVL after the allotment of shares pursuant to demerger of RIL.

The shares of RCL held by RCVL will be cancelled under the merger scheme, while the fully diluted equity capital of RCL will remain at around Rs 245 crore.

The share exchange ratio for both REL with REVL and RCL with RCVL were recommended by the leading international firm KPMG and were based on the number of shares REL and RCL held by REVL and RCVL respectively.

UNI SN PP NV2102