Committee meets to discuss demerger modalities. |
Taking the first step towards untangling investments among the Reliance companies, the Mukesh Ambani-controlled Reliance Industries today proposed to acquire a 6.97 per cent stake held by its wholly-owned subsidiary, Reliance Industrial Investments and Holding, in Reliance Energy. The proposed acquisition will take place in the next four days. |
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This follows a settlement between the Ambani brothers, Mukesh and Anil, over the ownership of the Rs 1,00,000-crore Reliance companies. The corporate governance committee of Reliance Industries is expected to meet tomorrow to discuss the shape of the demerger of the group. |
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In a notice to the stock exchanges, Reliance Industries proposed to acquire 1,36,22,707 equity shares, representing a 6.97 per cent stake in Reliance Energy from Reliance Industrial Investments and Holding. |
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The Reliance group holds over 42 per cent stake in Reliance Energy, through Reliance Industrial Investments and Holding and Reliance Power Venture. Reliance Capital (person acting in concert with the promoter group) holds nearly 6.46 per cent. |
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Sources close to the development said the promoter holding in Reliance Energy would be vested with the Anil Ambani group. "The proposed acquisition of Reliance Industrial Investments and Holding's stake to Reliance Industries is a move towards this," they added. |
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Reliance Energy and Reliance Capital have convened separate extra-ordinary general meetings (EGMs) on July 19. Reliance Energy will place a resolution pertaining to preferential issue of shares aggregating to up to Rs 1,750 crore. |
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Reliance Capital will place a resolution seeking shareholders' approval for preferential issue of shares aggregating up to Rs 3,000 crore. |
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Resolutions pertaining to reclassification of authorised share capital and the raising the limit on foreign institutional investors (FIIs) holding in Reliance capital to 49 per cent of its equity capital will also be placed at the EGM. |
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