99.99% RIL shareholders cast votes in favour of O2C biz demerger

The demerger scheme provides for transfer of O2C Undertaking from RIL to transferee firm on a slump-sale basis for a lumpsum consideration

Topics

Reliance Industries | oil and gas | Mukesh Ambani


Aditi Divekar  | 
Mumbai 

FILE PHOTO: A bird flies past a Reliance Industries logo installed on its mart in Ahmedabad. Photo: Reuters

FILE PHOTO: A bird flies past a Reliance Industries logo installed on its mart in Ahmedabad. Photo: Reuters

Mukesh Ambani-led Reliance Industries Limited (RIL) today said that 99.99 per cent of its shareholders cast votes in favour for the scheme of arrangement of RIL O2C (oil to chemicals) demerger.

The National Company Law Tribunal, Mumbai bench (NCLT Mumbai) in its order dated February 11 had directed Reliance Industries Limited to hold a meeting of its equity shareholders to consider and approve, the proposed scheme of arrangement between the company and its shareholders and creditors and Reliance O2C Limited as the transferee company and its shareholders and creditors.

The scheme provides for transfer of the O2C Undertaking from Reliance Industries to the transferee company on a slump-sale basis for a lumpsum consideration. There would be a reduction of the company’s capital consequent to adjustment of capital reserve and securities premium, against the debit to the statement of profit and loss arising on transfer of the O2C Undertaking.

Justice (Retd.) B N Srikrishna, Former Judge, Supreme Court of India, chaired the meeting that was conducted via video conferencing, said RIL in an exchange filing today.

This demerger scheme will enable the company to attract global investment in its O2C business.

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First Published: Fri, April 02 2021. 17:10 IST