Reliance Industries shareholders & creditors approve Scheme of Amalgamation

Reliance Industries Ltd has announced that the Shareholders, Secured Creditors and Unsecured Creditors of the Company at their Court Convened Meeting held on April 21, 2007, have unanimously approved the Scheme of Amalgamation of Indian Petrochemicals Corporation Ltd (IPCL) with the Company.

The Company has filed the petition seeking approval of the Hon'ble High Court of Judicature at Bombay for sanction of the Scheme of Amalgamation.

Earlier, the Shareholders, Secured Creditors and Unsecured Creditors of IPCL had also overwhelmingly approved the scheme at the respective Court convened meetings held on April 14, 2007.

The stock closed the day at Rs.1580.45, up by Rs.26.35 or 1.70%. The stock hit an intraday high of Rs.1586 and low of Rs.1545. The total traded quantity was 718644 shares compared to 2 week average of 718927.

Source : Equity Bulls

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