RIL files demerger scheme in HC

Reliance Industries Ltd (RIL) filed the scheme for the proposed demerger of its power, finance, and telecom businesses in the Mumbai high court, a senior company official said today.

The company proposes to hold an extraordinary general meeting (EGM) by mid-October for shareholders' approval, he said.

"The (Mumbai) high court has to give direction to hold the EGM, so that is not in our hands," the official said.

"However, we are looking at the EGM by mid-October. Our intention is to act quickly," he said.

The company will have to give its shareholders 21 days notice for the EGM, once the high court directive comes through.

At the annual general meeting last month, chairman Mukesh Ambani had set a 4 to 6 month timeframe for completing the demerger process.

As per the demerger scheme, RIL shareholders will get seven shares of Reliance Energy for every 100 held, and five Reliance Capital shares for every 100 held.

They will also get one share each of newly formed companies Global Fuel Management Services and Reliance Communications Ventures for every share held in RIL.

At 1318 IST, Reliance Industries shares were at Rs 755.35 on the National Stock Exchange, up 0.4% over Monday.