Corporate News     20-Jul-23
Apportionment of cost of acquisition of shares of Reliance Industries and Reliance Strategic Investments
Reliance Industries update for apportionment of cost of acquisition of equity shares of the Company and Reliance Strategic Investments (RSIL) pursuant to the Scheme:

The Hon'ble National Company Law Tribunal, Mumbai Bench, vide its order dated 28 June 2023, sanctioned the Scheme of Arrangement between Reliance Industries and its shareholders and creditors & Reliance Strategic Investments (RSIL) and its shareholders and creditors (Scheme) providing, inter alia, for demerger, transfer and vesting of the Financial Services Business (Demerged Undertaking as defined in the Scheme) from the Company into RSIL on a going concern basis and issue of equity shares by RSIL to the shareholders of the Company, in consideration thereof, in accordance with the provisions of Section 2(19AA) of the Income Tax Act, 1961.

In accordance with provisions of the Scheme, RSIL shall issue and allot 1 (One) fully paid-up equity share of RSIL having face value of Rs 10 each for every 1 (One) fully paidup equity share of Rs 10 each of the Company to the shareholders of the Company whose names are recorded in the register of members and / or records of the depository as on the Record Date (i.e., 20 July 2023).

For the purpose of determining the post demerger cost of acquisition of equity shares of the Company and RSIL, shareholders are advised to apportion their pre demerger cost of acquisition of equity shares in the Company in the following manner:

Reliance Industries - 95.32%
Reliance Strategic Investments - 4.68%

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