RNRL-Reliance Power merger gets shareholders' nod

 PTI   Mumbai     Last Updated: November 8, 2010  | 12:18 IST

Two Anil Ambani group companies, Reliance Power and Reliance Natural Resources, on Monday said their respective shareholders have approved merger between the two entities, estimated to create a Rs 50,000-crore entity.

Shareholders of Reliance Power and Reliance Natural Resources (RNRL) at their respective meetings held on September 4 have approved the composite scheme of arrangement between the two companies, the ADAG companies said in separate filings to the Bombay Stock Exchange (BSE).

Shares of both RNRL and Reliance Power rose following the announcement of shareholder approvals. RNRL was trading at Rs 39.80, up 2.31 per cent on the BSE, while R-Power was quoting at Rs 159.05, up 1.66 per cent from the previous close.

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