Reliance Industries merges with subsidiary

Reliance Industries is to merge with Reliance Petroleum in a deal that credits a long list of banks for advice.

Reliance Industries RIL announced yesterday that it will fold Reliance Petroleum RPL into itself at a ratio of one RIL share for every 16 shares of RPL. Consequently, RIL will issue 69.2 million new shares and its equity capital will increase to Rs16.4 billion $314.5 million.

RIL will also buy Chevron Corporation's 5% stake in Reliance Petroleum, as part of the plan to acquire the remaining shares of the petrochemicals unit. The ownership stake of the controlling shareholders,...

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