Synopsis
In February, RIL had announced the contours of spinning-off its oil refining, fuel marketing and petrochemical (oil-to-chemical) business into an independent unit with a USD 25 billion loan from the parent, as it looked to unlock value by settling stakes to global investors like Saudi Aramco.
Once completed, Mukesh Ambani-led RIL will house only the upstream oil & gas business, financial services, group treasury and legacy textile businesses, and act as a holding company of the group.
Reliance Industries has received the approval of its shareholders and creditors for hiving off its oil-to-chemical (O2C) business into an independent subsidiary, the billionaire-Mukesh Ambani led conglomerate informed the bourses on Friday.
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.
99.99% RIL shareholders vote for scheme of O2C demerger
By IANS |
Published on
Fri, Apr 2 2021 13:36 IST |
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India s ongoing rally might get extended, if the market s big bull Reliance Industries stock started to participate in the up-move, say market watchers.. Image Source: IANS News
New Delhi, April 2 : An astonishing 99.99 per cent votes were cast by shareholders in favour of Reliance Industries Limited (RIL) for the scheme of arrangement of RIL O2C demerger .
NCLT vide its order dated February 11 had directed Reliance Industries Limited as the Transferor Company to hold a meeting of its equity shareholders to consider and, if thought fit, to approve, with or without modification, the proposed scheme of arrangement between the Transferor Company and its shareholders and creditors and Reliance O2C Limited as the transferee company and its shareholders and creditors.
Mukesh Ambani: Reliance gets shareholders, creditors nod for hiving off O2C business into separate unit indiatimes.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from indiatimes.com Daily Mail and Mail on Sunday newspapers.
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