Reliance Energy shareholders approve buyback
Reliance Energy on Thursday said the shareholders of the company have approved through a postal ballot various proposals proposed by Reliance Power.
By PTI |
MUMBAI: Anil Ambani group company Reliance Energy on Thursday said the shareholders of the company have approved through a postal ballot various proposals like buyback of shares, change in name of the company and waiving the company's entitlement to receive bonus shares proposed by Reliance Power.
The shareholders have approved the proposals put up to them by an overwhelming majority, a company release said.
One of the proposals was for the company to accept the gift of 2.57 per cent of the post bonus issue shareholding comprising 6.15 crore shares in Reliance Power from Anil Ambani.
Anil Ambani had offered this gift to protect the company from suffering any dilution of its holding in Reliance Power consequent upon the company waiving its right to Bonus Shares.
AAA Project Ventures Private Limited, an entity owned by Anil Ambani has voluntarily undertaken to contribute by way of gift, 2.57% of its Post Bonus Issue sharholding in Reliance Power to the company. The shareholders of Reliance Energy approved the proposal to accept the gift of shares by AAA Project Ventures.
The shareholders have also approved to change the name of Reliance Energy to Reliance Infrastructure Limited apart from the company proposal to buy back 25% of the paid-up equity share capital and Free Reserves up to Rs. 2000.14 cr.
Meanwhile, with the approval of the Board, Reliance Energy had already commenced buy-back of shares and has so far bought-back 20,38,551 equity shares aggregating Rs.250.75 crore.
The shareholders have approved the proposals put up to them by an overwhelming majority, a company release said.
One of the proposals was for the company to accept the gift of 2.57 per cent of the post bonus issue shareholding comprising 6.15 crore shares in Reliance Power from Anil Ambani.
Anil Ambani had offered this gift to protect the company from suffering any dilution of its holding in Reliance Power consequent upon the company waiving its right to Bonus Shares.
AAA Project Ventures Private Limited, an entity owned by Anil Ambani has voluntarily undertaken to contribute by way of gift, 2.57% of its Post Bonus Issue sharholding in Reliance Power to the company. The shareholders of Reliance Energy approved the proposal to accept the gift of shares by AAA Project Ventures.
The shareholders have also approved to change the name of Reliance Energy to Reliance Infrastructure Limited apart from the company proposal to buy back 25% of the paid-up equity share capital and Free Reserves up to Rs. 2000.14 cr.
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Meanwhile, with the approval of the Board, Reliance Energy had already commenced buy-back of shares and has so far bought-back 20,38,551 equity shares aggregating Rs.250.75 crore.
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