New Delhi: In its meeting held in Mumbai on Saturday, the Reliance Industries' Board has approved the merger of Indian Petrochemicals Corporation Limited (IPCL) with itself.
The merger will create one of the largest petrochemical entity in the world with a combined net worth of more than Rs 50,000 crore.
As per the swap ratio, every RIL share will get five shares of IPCL.
The RIL Board has approved an interim dividend of Rs 11 per share while IPCL board approved interim dividend of Rs 6 per share, said a company release.
IPCL's shareholders are set to benefit from RIL's superior performance and growth momentum, the release said.
It is expected that this merger will create a value to synergise and scale that would enhance RIL's sustainable competitive advantages.
"The merger will be earnings accretive for shareholders of RIL and shall provide shareholders of IPCL an opportunity to participate in RIL's diversified business portfolio," PTI quoted RIL chairman and managing director Mukesh Ambani as saying in a statement.
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