RIL shareholders, creditors nod for demerger of financial services arm

Shareholders and creditors of Reliance Industries (RIL) have approved a plan to demerge the company’s financial services arm, Reliance Strategic Ventures Ltd (RSIL).

In filings with the stock exchanges, Reliance said that it received 99.99 per cent of votes in favour of the demerger in a shareholders' meeting that happened on May 2. As many as 99.99 per cent of unsecured creditors voted in favour of the resolution while 100 per cent of secured lenders were in favour of the plan. One share of the demerged company with a value of Rs 10 each will be issued for every share held in Reliance.