RCVL merges with Reliance Capital

Reliance Capital (RCL) today said it has amalgamated with Reliance Capital Ventures (RCVL). The move follows sanctions by the High Courts of Gujarat and Bombay, the Reliance ADA group said.

Reliance Capital said in terms of the scheme, 5 equity shares of the face value of Rs. 10 each of the company will be issued for every 100 equity shares of the face value of Rs. 10 each of RCVL  and approximately 27% Share capital of RCL held by RCVL will stand canceled . The fully diluted equity capital of RCL would be approximately Rs. 246 crore.

The shareholders base of RCL would increase from the present 1.60 lakh to more than 15 lakh consequent to allotment of shares to the eligible shareholders of RCVL.

The company said the Register of Members (equity shareholders) and transfer books of RCVL will be closed from 1st August 2006 to 5th August 2006 (both days inclusive) for the purpose of determining the persons who will be entitled to the equity shares to be issued and allotted by the Company.