Reliance Energy Ltd said on Thursday it has got shareholders' approval for the merger of Reliance Energy Ventures Ltd with itself.
The shareholders of REVL approved the merger of the company with REL on April 26, both companies informed the Bombay Stock Exchange in separate notices.
Under the proposed scheme of amalgamation, the share swap ratio had been fixed at 7.5:100, which entails a share exchange ratio of 7.5 share of Reliance Energy for every 100 share of Reliance Energy Ventures.
Reliance Energy Ventures was formed following a settlement between the two Ambani brothers -- Mukesh and Anil -- in June 2005 and it is the holding company for Reliance Energy Limited.
The share exchange ratio is based on the number of shares of the company held by REVL and is as recommended by an international firm, KPMG.
The shares held by REVL will be cancelled under the scheme of amalgamation and the fully diluted equity capital of the company will remain at around Rs 228 crore (Rs 2.28 billion) excluding the impact on conversion of foreign currency convertible bonds issued by the company.
The merger of REVL with the company will eliminate dual listing of these two entities and ensure direct shareholding in Reliance Energy by 23 lakh Reliance Ind. shareholders and increase their liquidity.
Reliance Energy shares were trading at Rs 622.35, up 0.40 per cent on the BSE.
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