Bombay High Court Ok For RNRL, RPower Merger

Bombay High Court Ok For RNRL, RPower Merger Anil Ambani led RPower as well as RNRL these days mentioned the Bombay High Court has accepted the merging of the two entities.

Based on the plan of arrangement, RPower shall issue as well as allocate 1 equity share of Rs 10 face value for each 4 shares of Rs 5 face value of RNRL, the firms said in separate filings to the BSE.

The merging would probably improve RPower’s shareholders base to around 6 million from 3.5 mil currently.

After the arrangement, Reliance Power net value would increase by more than Rs 16,000 crore, with the contribution around Rs 1,900 cr from Reliance Natural Resources Ltd, the filing added.

Additionally, Reliance Natural Resources Ltd gas supply deal with Reliance Industries will speed up the execution of Reliance Power programs for establishing more than 8,000 MW of gasbased power generation capability. In addition, the power major could use gas from Reliance Natural Resources coal bed methane projects.

Reliance Natural Resources’s shareholders might additionally enjoy the significant coal reserves as well as development prospects of Rpower’s varied generation portfolio of 37,000 MW.

Stocks of Reliance Power downed by 1.44 % to settle at Rs 160.40, though RNRL closed at Rs 39.50, lower 1.37 % on the BSE.

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