India – Mumbai: Reliance Petroleum limited is going to merge with its primary enterprise the Reliance Industries Limited the largest single-location oil refining company in the world.
India’s largest private sector enterprise Reliance Industries Limited, will issue about 34-crore additional equity shares of market value of approximately Rs 11,000 crore. RIL sold 4% stake in RPL taking its stake down to 71%.
Dipan Mehta the Bombay Stock Exchange member Reacts for this RIL-RPL merger news, He said that this is what the company management has been doing over the years. “Forming separate companies and then merging them.”
Mehta further added that net-net it really makes no difference for the performance of either of the companies. “But I think they will create a feel good effect in both the stocks,” he added. “In times like this, even a bit of positive news would help.”