Mukesh Ambani-led Reliance Industries Limited (RIL) has provided the shareholders of its subsidiary and mobile unit Reliance Retail to exchange their components using RIL shares.
Richest Indian Mukesh Ambani’s Reliance Retail, that conducts the nation’s biggest series of neighborhood supermarket shops and consumer electronics outlets, was valued at $34 billion (Rs 2.4 lakh crore) at a proposed share-swap strategy for investors.
“Each’Specified Shareholders’ will get 1 (1 ) RIL equity share for every 4 (Four) equity shares held by them according to the Record Date (Share Exchange Ratio),” said an announcement about the Reliance Retail site.
In August, RIL had stated it might record Reliance Retail about the stock exchanges in the subsequent five decades. Reliance Retail clocked net earnings of Rs 1.3 lakh crore this past year, and it has assembled a community of 10,901 shops.
RIL added it’s received requests from Reliance Retail workers holding equity shares for supplying them choices to depart and manage their holdings, such as by means of a list of their equity shares.
Although Reliance Retail on its site states it doesn’t have any program to get a record of its own equity shares on the securities market, Mukesh Ambani, chairman and managing director of RIL had last August reported that Reliance Retail will be recorded by 2024.