Reliance Industries Ltd fixed October 12 as the record date for allotting fully paid-up equity shares to shareholders of Indian Petrochemicals Corporation Ltd.
MUMBAI: Mukesh Ambani-led Reliance Industries Ltd on Tuesday fixed October 12 as the record date for allotting fully paid-up equity shares to shareholders of Indian Petrochemicals Corporation Ltd, which has been merged with it.
The board of directors of RIL took a decision in this regard at its meeting, the country's largest private sector company informed the Bombay Stock Exchange in communique.
The record date has been fixed for the purpose of determining the shareholders of IPCL who are entitled to receive equity shares of RIL under the scheme of amalgamation.
In accordance with the scheme, RIL will issue and allot fully paid up equity shares of Rs 10 each to the shareholders of IPCL as on the record date in the ratio of 1 equity share of RIL for every 5 equity shares of IPCL, it said.
The equity share certificates of IPCL would not be called back by RIL for exchange with the equity shares of RIL, it said.
The certificates issued by IPCL cannot be traded or negotiable on and from the record date or such other earlier date as may be fixed by the stock exchanges in this regard, it added.
The scheme had become effective from September 5, 2007 and accordingly, IPCL had been amalgamated with RIL following the orders of Gujarat High Court and Bombay High Court granting sanction.
The register of members and share transfer books of RIL would also remain closed from October 5 to October 12 for holding the 33rd annual general meeting of shareholders.
Shares of RIL and IPCL closed marginally down at Rs 1,986.30 and Rs 389.75 respectively on the BSE.
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