Shareholders approve Reliance Capital Ventures Ltd (RCVL) merger with Reliance Capital Ltd

26th April 2006: Reliance Capital Ltd on Monday said it has got shareholders' approval for the merger of RCVL with itself. Under the proposed scheme of amalgamation, five equity shares of Reliance Capital (RCL) with face value Rs 10 each would be exchanged for every 100 equity shares of RCVL, Reliance Capital informed the Bombay Stock Exchange.

The shares of Reliance Capital held by RCVL would be cancelled under the proposed scheme of amalgamation and the fully diluted equity capital of RCL would remain at around Rs 245 crore. The shareholders of RCVL would be meeting on April 26, to consider the proposed amalgamation.

Reliance Capital Ventures was formed following the settlement between the two Ambani brothers in June 2005 and is the holding company for Reliance Capital Limited. The share exchange ratio is based on the number of shares of Reliance Capital held by RCVL and as recommended by leading international firm, KPMG.

The amalgamation scheme would ensure direct shareholding of Reliance Capital by 23 lakh shareholders and increase their liquidity. The amalgamation scheme would facilitate wider domestic and international shareholder base for Reliance Capital without any dual listing of Reliance Capital and RCVL.

Indian Petrochemicals Corporation Ltd (IPCL) to merge 6 subsidiary units

26th April 2006: IPCL on Tuesday said it will merge its six polyester manufacturing subsidiaries with itself. The board of directors has approved the merger of Apollo Fibres Ltd (AFL), Central India Polyester Ltd (CIPL), India Polyfibres Ltd (IPL), Orissa Polyfibres Ltd (OPL), Recron Synthetics Ltd (RSL) and Silvassa Industries Pvt Ltd (SIPL) with the company.

The merger is subject to necessary approvals from shareholders, creditors and other regulatory authorities.

The board has recommended an exchange ratio of one equity share of IPCL for every 25 equity shares of AFL, 23 shares of CIPL, 28 shares of IPL, 28 equity shares OPL, 34 shares of RSL and 38 equity shares of SIPL, IPCL informed the Bombay Stock Exchange.

This would result in issuance of 3.91 crore equity shares of the company, to the shareholders of the merging companies and post merger; IPCL's share capital would increase to 28.73 equity crore shares from 24.80 crores equity shares, it said.

The appointed date of merger is April 1, 2005 and the exchange ratio has been determined on the basis of a joint valuation report by PricewaterhouseCoopers Pvt Ltd and SBI Capital Markets Ltd.

Ansal Township and Projects Ltd to merge with Ansal Properties and Infrastructure Ltd

25th April 2006: Ansal Properties and Infrastructure Ltd on Monday said it will amalgamate Ansal Township and Projects Ltd with itself. The Board has approved the valuation reports and the scheme of amalgamation which would take place in the swap ratio 1:2, Ansal Properties informed the Bombay Stock Exchange. Further the company has informed that it would split its shares from Rs 10 each to Rs 5 each, subject to shareholders approval.