INSUBCONTINENT EXCLUSIVE:
Thursday after the company tweaked the terms of a restructuring agreement.
Reliance, in an extraordinary general meeting (EGM) on Thursday,
made the share-swap scheme for shareholders in the retail venture optional as against mandatory earlier
Now, shareholders of the Reliance Retail can retain their shares in the company.
Reliance Retail shares bounced to Rs 700 in the grey market
after falling to below Rs 450, said brokers dealing in this space
In December, the stock was trading at as high as Rs 900 a piece
to provide liquidity to the shareholders of RRL
Securities, which deals in unlisted shares.
On December 25, RIL proposed a scheme of arrangement where Reliance Retail shareholders were
offered one share of RIL in exchange of four shares of Reliance Retail
This scheme valued the shares of Reliance Retail at about Rs 380 per share when they were trading at Rs 850-900 per share in the unofficial
market then.
The revised scheme of arrangement said shareholders should exercise the option entirely and no partial swap will be allowed
Other than the equity shares retained by specified shareholders, the rest would be transferred to the company and shares of RIL will be
issued in the ratio 1:4.
Reliance Industries holds 99.95% stake in Reliance Retail
About 35 lakh equity shares are available in the unlisted market.
