Reliance Industries Limited (RIL) on Friday said it has received nod for the demerger of its oil-to-chemicals (O2C) business into a wholly-owned subsidiary. The Mukesh Ambani-led company secured approval of its shareholders and creditors for O2C business spin-off in the meeting of the equity shareholders, lenders and unsecured creditors of the company, which was done as per the order of the National Company Law Tribunal (NCLT), Mumbai.
As per the directions of the NCLT, the company convened meetings of equity shareholders, lenders and unsecured creditors for consideration of a resolution for transferring the O2C business to a separate subsidiary - Reliance O2C Limited. The meetings were chaired by former Supreme Court judge Justice (Retd) BN Srikrishna.
As many as 99.99 per cent of shareholders, who participated in the meeting held through video conferencing, voted in favour of the resolution, RIL said in an exchange filing. While 100 per cent of the secured creditors voted in favour of the resolution, 99.99 per cent of unsecured creditors cast their vote in favour of the resolution.
"Scheme of Arrangement between Reliance Industries Limited (Transferor Company) and its shareholders and creditors and Reliance O2C Limited (Transferee Company) and its shareholders and creditors was placed before" equity shareholders, secured and unsecured creditors for consideration and approval, it said.
Shares of Reliance Industries closed 0.92 per cent higher at Rs 2,021.70 on the Bombay