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Reliance Retail News: Reliance Retail Limited, the retail company of Reliance Industries, the country’s largest private company, has decided to reduce the equity share capital of the company. The shareholders who hold shares of Reliance Retail, except the promoters of the company and the holding company Reliance Retail Ventures, will be cancelled. The shares will be canceled at the rate of Rs.1362. The company’s board meeting was held on 4 July 2023, in which this proposal has been approved.
Reliance Retail Ventures holds 99.91 per cent stake in Reliance Retail. While 0.09 percent shares are with other investors. The exercise to reduce the capital of Reliance Retail is being done under section 66 of the Companies Act, 2013. However, this proposal will have to be approved by the members of the company with a special resolution. Apart from this, the proposal will also have to be approved by the Mumbai Bench of NCLT. A notice of this will be sent to the shareholders.
Under the company’s capital reduction process, whatever shareholders will be affected by this decision, whose shares will be cancelled. In return, they will be paid Rs 1362 per share. This valuation has been fixed on the basis of the suggestions of experts. The company will provide updates and information related to this matter to the shareholders through official notices.
This decision of Reliance Retail will affect those investors who trade in the shares of Reliance Retail in the unlisted market. According to reports, the stock of Reliance Retail is trading at Rs 2700 in the unlisted market. Reliance Retail Limited is a subsidiary company of Reliance Industries.
Let us tell you that Mukesh Ambani, chairman of Reliance Industries, has indicated in the previous AGM to get Reliance Retail and Jio listed on the stock exchange, so that value can be unlocked for the shareholders of Reliance.
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