Mumbai The board of Reliance Industries Limited on 10 March 2007 approved the merger of Indian Petrochemicals Corporation Limited with itself.
As per the swap ratio, IPCL shareholders will get one RIL share for every five shares of IPCL. RIL will issue six crore new shares to IPCL shareholders and as a result, the company’s equity will expand to Rs145.3 crore from Rs1,393.5 crore.
The appointed date of merger is 1 April 2006.
In today’s meeting, the RIL Board also approved an interim dividend of Rs11 per share totalling Rs1,748 crore including dividend tax. The IPCL board declared a dividend of Rs six per share amounting to Rs206 crore including dividend tax.