REL-REVL amalgamation effective from Jul 17

NEW DELHI: Anil Dhirubhai Ambani group company Reliance Energy on Tuesday said the amalgamation of Reliance Energy Ventures Ltd with itself has become effective from July 17.

Separately, Reliance Capital said that Reliance Capital Ventures Ltd has also completed amalgamation with the company from July 17, a company statement said.

Following the scheme of amalgamation and arrangement, five equity shares of face value Rs 10 each of RCL will be issued for every 100 equity shares of RCVL and about 27 per cent share capital of RCL held by RCVL will stand cancelled.

The fully diluted equity capital of RCL would be around Rs 246 crore, it said. While the shareholder 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, it said.

And 7.5 equity shares of face value Rs 10 each of REL will be issued to every 100 equity shares of REVL, and about 43 per cent share capital of REL held by REVL will stand cancelled.

The fully diluted equity capita of REL would be around Rs 228 crore, it added.

The shareholders base of REL would increase from the present 1.2 lakh to about 17 lakh consequent to the allotment of shares to the eligible shareholders of REVL.