Bombay HC approves RIL-RPL merger

The Bombay High Court on Monday dismissed an appeal filed by two shareholders against the merger of Reliance Industries Ltd (RIL) and Reliance Petroleum Ltd (RPL).

A Division Bench led by Justice Bilal Nazki Monday dismissed the appeal. The Bench also did not grant a stay on its own order.

Earlier a single judge of the High Court had approved the merger, but Anup Sheth and Rasikbhai Mardia, minority shareholders of both RIL and RPL, had challenged it before a Division Bench.
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RIL-RPL merger is one of the largest M&A deal for Indian Business


The all-share merger deal valued at about Rs 8,500 crore between the two Mukesh Ambani group firms, RIL and RPL, has become probably the 10th-biggest ever for the country and the first billion-dollar deal this year.

As per the merger deal approved by the boards of Reliance Industries and Reliance Petroleum, shareholders will get one RIL share for every 16 RPL shares – resulting into issuance of 6.92 crore new shares by RIL.
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