Reliance Industries on thursday said the amalgamation of Indian Petrochemicals Corporation Ltd (IPCL) with itself has come into effect from September 5.
The certified copies of the orders of the Gujarat and Bombay High Court, sanctioning the scheme of amalgamation of IPCL with Reliance Industries, were filed with the respective registrar of companies yesterday.Earlier on September 3, the Gujarat High Court approved the scheme of amalgamation of IPCL with Mukesh Ambani- controlled Reliance Industries.
In June 2002, the government as part of its disinvestment programme sold 26 per cent of its equity in IPCL to Reliance Petroinvestments Ltd (RPIL), a Reliance Group company.
RPIL acquired an additional 20 per cent equity shares through a cash offer in terms of SEBI (Takeover Regulations) and currently holds 46 per cent of the company's equity.
Read more in The Economic Times article.
No comments:
Post a Comment