Why Reliance Industries shares dropped 1.5% in opening trade
Reliance Industries share price declined as much as 1.53 per cent lower at Rs 1990.70 apiece in early deals on the Bombay Stock Exchange on Monday
BusinessToday.In | April 5, 2021 | Updated 10:14 IST
Reliance Industries shares fall 1.5%
Shares of Reliance Industries fell 1.5 per cent in opening trade on Monday, in line with BSE Sensex which was down 1 per cent. Reliance Industries shares were under stress after the oil-to-chemical major announced that it had received nod for the demerger of its oil-to-chemicals (O2C) business into a wholly-owned subsidiary.
Reliance Industries share price declined as much as 1.53 per cent lower at Rs 1990.70 apiece in early deals on the Bombay Stock Exchange on Monday. The stock opened marginally higher at Rs 2,025 against previous closing price of Rs 2,021.70 on the BSE.
Reliance gets shareholders, creditors approval to hive off O2C biz into separate unit businesstoday.in - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from businesstoday.in Daily Mail and Mail on Sunday newspapers.
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Reliance Industries secures shareholders, creditors nod to hive off O2C business into separate unit
Billionaire Mukesh Ambani s Reliance Industries Ltd on Friday said it has secured approval of its shareholders and creditors for hiving off its oil-to-chemical (O2C) business into a separate unit.
As per directions of the National Company Law Tribunal (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.
In stock exchange filings, RIL said 99.99 per cent of shareholders, who participated in the meeting held through video conferencing, voted in favour of the resolution. 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. The meetings were chaired by former Supreme Court judge Justice (Retd) BN Srikr
RIL gets shareholders, creditors nod for hiving off O2C business into separate unit indiatimes.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from indiatimes.com Daily Mail and Mail on Sunday newspapers.
Synopsis
In February, RIL had announced the contours of spinning-off its oil refining, fuel marketing and petrochemical (oil-to-chemical) business into an independent unit with a USD 25 billion loan from the parent, as it looked to unlock value by settling stakes to global investors like Saudi Aramco.
Once completed, Mukesh Ambani-led RIL will house only the upstream oil & gas business, financial services, group treasury and legacy textile businesses, and act as a holding company of the group.
Reliance Industries has received the approval of its shareholders and creditors for hiving off its oil-to-chemical (O2C) business into an independent subsidiary, the billionaire-Mukesh Ambani led conglomerate informed the bourses on Friday.