Shareholders, creditors approve merger of RPL with RIL

Mukesh Ambani-led Reliance Industries today said the merger of Reliance Petroleum with itself has been approved by its shareholders and creditors. "The shareholders and creditors of Reliance Industries Ltd approved the scheme of amalgamation of Reliance Petroleum with RIL," the company said in a release issued here. In a court-convened meeting of equity shareholders and secured and unsecured creditors of RIL held here on Saturday, 98.86 per cent of the shareholders present in person or proxies voted in favour of the scheme of amalgamation. They represent 99.9998 per cent of the total value of the equity shares held by them, the release said. Shareholders representing a marginal 0.0002 per cent of the total value of shares voted against the scheme. However, 100 per cent of the secured and unsecured creditors voted in favour of the merger, the release 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 Ambani, will fell by 2 per cent to 47 percent.