Financial Daily from THE HINDU group of publications
Wednesday, Jan 04, 2006
Financial Daily from THE HINDU group of publications Wednesday, Jan 04, 2006 |
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Corporate
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Restructuring 7.5:100 swap ratio proposed for REVL merger with REL Our Bureau
Mumbai , Jan 3 THE swap ratio for the merger of Reliance Energy Ventures Ltd (REVL) with Reliance Energy Ltd (REL) has been proposed at 7.5 equity shares of REL for every 100 shares of REVL. Both shares are of face value of Rs 10 each. The share exchange ratio is based on the number of shares of REL held by REVL and is as recommended by KPMG, according to a statement from REL, whose board of directors approved the amalgamation on Tuesday. REVL currently holds 45 per cent of the share capital of REL. The shares of REL held by REVL will be cancelled under the proposed scheme of amalgamation, with the fully diluted capital of REL remaining at Rs 228 crore. This figure excludes the impact on conversion of FCCBs issued by the company, the statement added. The approval will be subject to approvals from the board of directors of REVL, the shareholders of both REL and REVL, and the High Court in Mumbai. This is part of the ongoing process of demerger of the Reliance group companies.
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