New Delhi: Anil Ambani-led Reliance Infrastructure Tuesday said its board has approved the merger of five subsidiaries, while demerging the container business of Reliance Infrastructure Engineers from the company.
"Reliance Infrastructure Board has approved the merger of Reliance Energy Ltd, Reliance Energy Generation Ltd, Reliance Goa and Samalkot Power Ltd, Reliance Infraventures Ltd and Reliance Property Developers Ltd...," the company informed the BSE.
It also approved the demerger of the 'container business' undertaking of Reliance Infrastructure Engineers from the company, it said.
No shares are proposed to be issued under the scheme of arrangement as the transfer of companies and the demerged company are wholly owned subsidiaries of Reliance Infrastructure. The appointed date of the scheme of arrangement is January 1, 2012, subject to the requisite approvals, including that of the Bombay High Court.
Shares of Reliance Infrastructure rose by 4.62 percent to close at Rs 427.7 apiece on the BSE Tuesday.
Reliance Infrastructure has a presence across the value chain of the power business -- generation, transmission, distribution, EPC and trading.
It develops projects in all high growth areas in the infrastructure sector, namely roads, highways, metro rails, airports and speciality real estate.
First Published: Tuesday, January 17, 2012, 21:13