02 March,2009 01:25 PM IST | | PTI
The Board of Directors of Reliance Industries Ltd (RIL) and its refinery subsidiary RPL on Monday approved the merger of the two firms, creating one of the world's largest petrochemical entity and offered the shareholders of RPL one RIL share for every 16 shares held by them.
Both the companies in two separate filings said that the shareholders of RPL would receive one equity share of RIL for every 16 shares held.
The merger would create one of the world's top 50 companies on profitable basis and would make RIL one of the largest refiners of the world.
The appointed date of the merger is April 1, 2008, and the 'scheme shall be subject to approvals of shareholders and creditors and sanctions' of the Bombay High Court.
