Reliance Retail Ltd to cancel public shareholding by paying Rs. 1362 per share

The Board of Directors of Reliance Retail Limited at its meeting held on July 4, 2023 has approved a proposal to reduce the equity share capital to the extent held by shareholders other than its Promoter and holding company, namely, Reliance Retail Ventures Limited. Upon such reduction, these shares held by such shareholders shall stand cancelled and extinguished. The capital reduction shall be pursuant to Section 66 of the Companies Act, 2013 and shall be subject to approval by members of the Company by way of special resolution and obtaining the sanction and confirmation from the National Company Law Tribunal, Mumbai bench. The Company will be sending notice to its shareholders for this purpose.

A consideration of Rs. 1,362 per share, determined on the basis of valuation obtained from two reputed independent registered valuers, shall be paid towards the capital reduction.

Members of the public are requested to note the above.

Shares of Reliance Industries Limited was last trading in BSE at Rs. 2635.45 as compared to the previous close of Rs. 2638.35. The total number of shares traded during the day was 576768 in over 31686 trades.

The stock hit an intraday high of Rs. 2665.00 and intraday low of 2627.40. The net turnover during the day was Rs. 1524318808.00.

Source : Equity Bulls

Keywords

RelianceIndustries INE002A01018 RelianceRetail CapitalReduction