Reliance Power slips on SFIO probe into RNRL-RPower merger
Reliance Power slipped over 1% in trade on Thursday after the Madras HC bench admitted a petition seeking an SFIO probe into RNRL-RPower merger.
By ET Online | Updated:
NEW DELHI: Reliance Power Ltd slipped over 1 percent in trade on Thursday after the Madras High Court bench admitted a petition seeking a probe by the Serious Fraud Investigation Office and the CBI into the merger of Reliance Natural Resources Ltd ( RNRL) with Reliance Power.
According to media reports, the merger allegedly caused a loss of Rs 2106 crore to shareholders. The value of RNRL and R-Power shares stood at 2.7:1 on July 2, 2010. The share swap ratio was fixed at 4:1 for the merger.
At 10:40 a.m., Reliance Power Ltd was trading 1.3 percent lower at Rs 98. It has hit a low of Rs 97.35 and a high of Rs 98.50, in trade so far.
According to media reports, the merger allegedly caused a loss of Rs 2106 crore to shareholders. The value of RNRL and R-Power shares stood at 2.7:1 on July 2, 2010. The share swap ratio was fixed at 4:1 for the merger.
At 10:40 a.m., Reliance Power Ltd was trading 1.3 percent lower at Rs 98. It has hit a low of Rs 97.35 and a high of Rs 98.50, in trade so far.
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