Reliance Retail to reduce equity share capital, pay Rs 1,362 per share

The board of directors of Reliance Retail at its meeting has approved a proposal to reduce the equity share capital to the extent held by shareholders other than its promoter and holding company, namely, Reliance Retail Ventures, the company said in a statement.

Shares held by such shareholders will stand cancelled and extinguished. The company also said that a consideration of Rs 1,362 per share is determined on the basis of valuation obtained from two reputed independent registered valuers, shall be paid towards the capital reduction, it said. 

“The capital reduction shall be pursuant to Section 66 of the Companies Act, 2013 and shall be subject to approval by members of the Company by way of special resolution and obtaining the sanction and confirmation from the National Company Law Tribunal, Mumbai bench,” it said.

Reliance Retail houses most of the core businesses which include Reliance Digital, Reliance Fresh, Reliance Trends among others. According to its FY22 annual report, Reliance Retail Ventures holds 99.93 per cent stake in Reliance Retail.