Rel Energy, REVL merger at 7.5:100

The board of directors of Reliance Energy, which met today, approved a proposal for the amalgamation of Reliance Energy Ventures (REVL) with the company.

According to a release issued by Reliance Energy to the BSE today, the proposed scheme of amalgamation envisages a share exchange ratio of 7.5 equity shares of Rs 10/- each of the company for 100 equity shares of Rs 10 each of REVL.

"The share exchange ratio is based on the number of shares of the company held by REVL, and as recommended by KPMG," the release added.

The fully diluted equity capital of the company will remain at approximately Rs 228 crore, the release said.