Anil Ambani group company Reliance Commercial Finance (RCFPL) has moved the Bombay High Court seeking approval for the merger with Reliance Capital.
"Reliance Commercial Finance (RCFPL), a wholly-owned subsidiary of Reliance Capital (RCL), has filed a petition in the High Court of Judicature at Bombay for merging itself with RCL," Reliance Capital said in a filing to the Bombay Stock Exchange (BSE) today.
RCFPL's entire issued, subscribed and paid-up share capital is held by RCL, which is why, there will be no change in the share capital of the latter, pursuant to the scheme, which is subject to the approval of the High Court of Judicature at Bombay, the filing added.
Shares of Reliance Capital settled the day at Rs 559.70, down 3.43 per cent from previous close on the BSE.
