Reliance Retail shareholders may challenge RIL share swap at NCLT

New Delhi: Many brokers and retail shareholders from the unlisted market have decided to challenge Reliance Industries’ (RILNSE -0.79 %) share swap offer for Reliance Retail (RRL) shareholders at the National Company Law Tribunal (NCLT).

Investors and dealers are dejected and outraged by RIL’s offer, as under the scheme they face a loss of Rs 640-650 per equity share of Reliance Retail they hold. Worse, the scheme is mandatory for minority shareholders, which is adding fuel to the fire.

RIL holds 99.95 per cent stake in Reliance Retail and only about 35 lakh equity shares are available in the unofficial market for unlisted stocks.