RIL-IPCL Merger Becomes Effective

The country''s most valuable company by market capitalisation - Reliance Industries has said that the amalgamation of IPCL with itself has come into effect from September 5.The certified copies of the orders of the Gujarat and Bombay High Court, sanctioning the scheme of amalgamation of IPCL with Reliance Industries, were filed with the respective registrar of companies on September 5.

Earlier on September 3, the Gujarat High Court approved the scheme of amalgamation of IPCL with Mukesh Ambani-controlled Reliance Industries. In June 2002, the government as part of its disinvestment programme sold 26 per cent of its equity in IPCL to Reliance Petroinvestments Ltd (RPIL), a Reliance Group company. RPIL acquired an additional 20 per cent equity shares through a cash offer in terms of SEBI (Takeover Regulations) and now holds 46 per cent of the company''s equity. RIL ended the day at Rs 1,987 levels, up 1.5 per cent or Rs 29. IPCL at Rs 388 levels ended the day flat with a marginal gain of 0.6 per cent or Rs 2.