While the companies did not disclose any details of the proposed merger, some brokers said that rumours are about a share-swap deal with four shares of RNRL for every one Reliance Power share
Anil Ambani-led Reliance Power's (RPower) board will meet on 4th July to consider merging another group firm Reliance Natural Resources (RNRL) with itself, reports PTI.
A meeting of RPower's board of directors has been called on Sunday to consider the merger, the company said in a statement.
The statement was released after the close of stock market, but speculation about the deal pulled down the shares of both the companies sharply in the last minutes of trading.
While the companies did not disclose any details of the proposed merger, some brokers said that rumours are about a share-swap deal with four shares of RNRL for every one RPower share. Currently, the two stocks have market values in the ratio of about 1:3.
The two companies together command a market capitalisation of Rs50,000 crore.
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