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Reliance gets shareholders, creditors approval to hive off O2C biz into separate unit
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Reliance Industries secures shareholders, creditors nod to hive off O2C business into separate unit
Billionaire Mukesh Ambani s Reliance Industries Ltd on Friday said it has secured approval of its shareholders and creditors for hiving off its oil-to-chemical (O2C) business into a separate unit.
As per directions of the National Company Law Tribunal (NCLT), the company convened meetings of equity shareholders, lenders and unsecured creditors for consideration of a resolution for transferring the O2C business to a separate subsidiary - Reliance O2C Limited.
In stock exchange filings, RIL said 99.99 per cent of shareholders, who participated in the meeting held through video conferencing, voted in favour of the resolution. While 100 per cent of the secured creditors voted in favour of the resolution, 99. 99 per cent of unsecured creditors cast their vote in favour of the resolution. The meetings were chaired by former Supreme Court judge Justice (Retd) BN Srikr
Reliance Retail Ventures, the retail arm of Reliance Industries, has extended the timeline for six months to complete its Rs 24,713 crore deal with Kishore Biyani-led future group to buy its retail and wholesale business.
Reliance Retail Ventures Ltd (RRVL) has extended the timeline for the Long Stop Date from March 31, 2021 to September 30, 2021, said a regulatory filing by Future Retail. Pursuant to the provisions of scheme and other transaction documents executed in relation thereto, RRVL has in exercise of the right provided thereunder, extended the timeline for Long Stop Date from March 31, 2021 to September 30, 2021 which has been duly acknowledged by Reliance Retail and Fashion Lifestyle Limited, wholly-owned subsidiary of RRVL, it said.
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