InfoAnda - Anil Ambani's RNRL shares dive after merger

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Yahoo! My Yahoo! Mail More Yahoo! Services Account Options New User? Sign Up Sign In Help Yahoo! Search web search Home Singapore Asia Pacific World Business Entertainment Sports Technology Singapore Asia Pacific World Anil Ambani's RNRL shares dive after merger AFP - Tuesday, July 6 Send IM Story Print MUMBAI (AFP) - – Shares in Indian tycoon Anil Ambani's Reliance Natural Resources Ltd (RNRL) plunged by nearly 30 percent Monday, a day after it announced a merger with group firm Reliance Power. RNRL shares fell 18.1 rupees to 45.5 on the Mumbai stock exchange in afternoon trade after the deal valued the company at around 30 percent below its Friday closing price. "RNRL fell for parity to take place between RNRL and RPower stock prices," said Gaurav Dua, head of research at brokerage Sharekhan. Analysts said RNRL had to be folded into its sister company to comply with government rules after it lost a crucial Supreme Court ruling in May. The government grants gas only to power generation firms so RNRL could not make a claim for gas as it was only a gas trading firm. Shares of Reliance Power, meanwhile, jumped 8.3 percent to a high of 189.8 rupees, but retraced on profit-taking to 179 rupees, still up 2.54 percent. The court ordered RNRL to pay a higher government-set price rather than allowing the company to buy gas at a lower price from Reliance Industries, controlled by Anil's older brother Mukesh, under a private deal. The pact had been worked out during the carve-up of the Reliance empire following the death of the brothers' father, Dhirubhai Ambani, in 2002. But Mukesh afterward sought to have the deal scrapped and said Anil must pay the amount stipulated by the government -- a position upheld by the court that said the gas belonged to the nation and could not be sold for a cut-rate price. The merger between RNRL and Reliance Power will create a company with a market value of 11 billion dollars. "Reliance Naturals shareholders will benefit from the proposed amalgamation by participating in future growth prospects of Reliance Powers diversified generation portfolio," the two companies said Sunday. Under the deal, RNRL shareholders will get one Reliance Power share for every four they hold. The court ruling ended a long-running legal battle between the billionaire siblings who have since reconciled. "The merger had to happen. After the court ruling, RNRL could not procure gas at a level lower than the government-approved rate," said Sonam Udasi, head of research at IDBI Capital. Recommend Send IM Story Print Related Articles Lukoil won't repurchase 50 pct in Kazakh JV stake Reuters - 31 minutes ago Russia VTB names organisers for Eurobond - source Reuters - 45 minutes ago Turkish bonds up on lower-than-expected inflation Reuters - 51 minutes ago US-BUSINESS Summary Reuters - 53 minutes ago BA June traffic hit by strike action Reuters - 53 minutes ago News Search Top Stories Tour peloton shrugs of cobblestone worry Lower German deficit an example for Europe: Berlin BP oil spill costs spike above $3 bln Swiss show brings heirs to discuss Picasso, Klee Japanese probe yields insights into Moon's inner life More Top Stories » ADVERTISEMENT Most Popular Most Viewed Most Recommended Reclusive top mathematician turns down prize, again Japanese probe yields insights into Moon's inner life Lady Gaga leads race to get 10 million on Facebook Paris Hilton arrested after Brazil World Cup match: reports Awesome Nadal crushes Berdych to win Wimbledon More Most Viewed » Reclusive top mathematician turns down prize, again Aussie men shoot each other in buttocks 'to see if it hurts' Amputee cat gets bionic legs Fans gather for Michael Jackson death anniversary Who's right - the dolphin or the octopus? More Most Recommended » Elsewhere on Yahoo! Financial news on Yahoo! Finance Stars and latest movies Best travel destinations More on Yahoo! News Home Singapore Asia Pacific World Business Entertainment Sports Technology Subscribe to our news feeds Top StoriesMy Yahoo!RSS » More news feeds | What are news feeds? Also on Yahoo Answers Groups Mail Messenger Mobile Travel Finance Movies Sports Games » All Yahoo! Services Site Highlights Singapore Full Coverage Most Popular Asia Entertainment Photos World Cup 2010 Copyright © 2010 Yahoo! Southeast Asia Pte. Ltd. (Co. Reg. No. 199700735D). All Rights Reserved. Terms of Service | Privacy Policy | Community | Intellectual Property Rights Policy | Help

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