RNRL will stop Trading from Nov 10

RNRL will stop trading from Nov 10.

RNRL (Reliance Natural Resources Limited) will stop trading on the stock markets of India from 10th November 2010. This is because it will merge with Reliance Power.

According to Economic Times,

"RNRL will be be suspended from trading with effect from November 10," according to a circular on the National Stock Exchange.

As per the scheme of arrangement of RPower and RNRL and other group companies and their respective shareholders and creditors, RPower will issue one share of Rs 10 face value for every four RNRL shares with a face value of Rs 5.
The merger of the two companies will result in an increase in the shareholder base of RPower to around 60 lakh from the present level of 35 lakh.
Shareholders have already approved the merger of the two companies.
Following the amalgamation, RPower's net worth would rise by over Rs 16,000 crore, with the erstwhile RNRL adding Rs 1,900 crore to its total value.