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Our Bureau

Mumbai , Jan. 13

RELIANCE Industrial Infrastructure Ltd (RIIL) on Thursday informed the stock exchanges that its board meeting on January 10, accorded its consent to seek the approval of the company members for Reliance Industries Ltd to be recognised as the new promoter in place of the existing promoter, Mr Satyapal Jain, and for change in control of the company in favour of RIL.

This change would occur subject to passing by the members of a special resolution through postal ballot under the provisions of Regulation 12 of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 1997.

Reliance Industries holds 46.23 per cent of the paid-up equity share capital of RIIL. No further shares of the company are sought to be acquired by it at this stage. Since the above would be within the scope of the provisos to Regulation 12 of the Takeover Regulations, Reliance Industries would not be required to make a public announcement/offer under the takeover regulations.

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