|
|
|
|
RIL’s Corporate Highlight of First Quarter 2009-10
• The Scheme of Amalgamation of Reliance Petroleum Limited (RPL) with Reliance Industries Limited (RIL) has been sanctioned by the Hon’ble High Court of Judicature at Bombay and the Hon’ble High Court of Gujarat at Ahmedabad. The Scheme has become effective from 11th September 2009 with the appointed date being 1st April 2008.
• The Board of Directors of Reliance Industries Limited proposed, subject to shareholders
Approval, proposes issue of bonus shares in the ratio of one equity share for every one equity share held in the Company.
• The Board also declared dividend of Rs. 13 per share for the financial year 2008-09. This has resulted in a payment of Rs. 2,219 crore inclusive of taxes of Rs. 322 crore.
• Both the bonus shares and dividend will accrue to the shareholders of erstwhile Reliance Petroleum Limited which has been amalgamated recently with the Company.
• The Petroleum Trust sold 1,50,00,000 equity shares of the Company. The Trust realized about Rs. 3,188 crore, at an average price of about Rs. 2,125 per share. Reliance Industrial Investments and Holdings Limited, a wholly owned subsidiary of RIL, is beneficiary of the Trust. The cash proceeds, net of transaction expenses, have resulted in reduction of Investment insubsidiaries. Profit on sale of these shares, net of transaction expenses, of Rs. 2,941 crore (US$ 611 million) will be reflected in the consolidated accounts of RIL.
• On 2nd April 2009, gas production commenced from KG D6. The project was completed in a
record time of six and half years, as against world average of 9 – 10 years for similar deepwater
facilities globally.
• RIL surrendered the EOU status for its refinery with effect from 16th April 2009 to cater to
increasing demand of petroleum products in the Country.
• A T Kearney lists RIL as one of the Top 25 Global Champion for 2009 which managed to
outperform the competition in the midst of global financial meltdown.
• Boston Consulting Group (BCG) ranks RIL as the 5th most sustainable value creators.
View more Free Content by ranjitsinha at GetYourContent.com
Make some cash, Post your articles to our free Article Directory today!
Tags: Contractor : Industry
|
|
|
|
|
|
|