Reliance Industries Ltd (RIL) has received approval from the Reserve Bank of India (RBI) for cross-border merger of Reliance Holding USA Inc, a wholly owned, step-down subsidiary of RIL with Reliance Energy Generation and Distribution Ltd (REGDL), the company said in a regulatory filing on Friday.
REGDL is a wholly owned subsidiary of the company and would be subsequently amalgamated with RIL. RIL had in June 2017 sought RBI’s approval for the proposed amalgamation. “The board of directors of the company will consider the aforesaid proposal for amalgamation upon receipt of approval of the Reserve Bank of India,” RIL stated in the filing.
On Friday, RIL shares rose 0.67%, or ₹7.30, to ₹1,099.50 apiece on the BSE while the benchmark Sensex gained 0.51%, or 181.39 points, to end the day at 35,695.10.
Source: Mint