RNRL to merge with Reliance Power

Mumbai, Sep 6: Shareholders of Reliance Power and Reliance Natural Resources (RNRL), the two Anil Ambani led companies, finally have nodded to the proposal of merger between the two entities.

The new deal between the two companies, estimated to create a Rs 50,000-crore entity.

The shares of both the companies have raised after the announcement of the news.

RNRL was trading at Rs 39.80, up 2.31 percent on the BSE, while Reliance Power was quoting at Rs 159.05.

As per the deal approved by the boards of the two companies on Jul 4, 2010, RNRL would merge with Reliance Power in an all-share deal, under which RNRL shareholders for their every four shares would get one share of Reliance Power.

OneIndia News