Reliance Retail to reduce equity share capital, pay Rs 1,362 per share

Reliance Retail’s board of directors at its meeting endorsed a proposal to reduce equity capital to the extent that it is held by shareholders other than the promoter and holding company, Reliance Retail Ventures, the company said in a statement.

The shares owned by these shareholders will be canceled and extinguished. The company also said that an amount of Rs 1,362 per share is to be determined on the basis of the valuation obtained from two reputed independent registered evaluators and will be paid against the capital reduction, the company said.

“The reduction of share capital shall be pursuant to Section 66 of the Companies Act, 2013 and will be subject to the approval of the members of the company by special resolution and obtaining sanction and confirmation from the National Court of Companies Law, Mumbai seat,” he said.

Reliance Retail houses most of the core business which includes Reliance Digital, Reliance Fresh, Reliance Trends and others. According to its FY22 annual report, Reliance Retail Ventures has a 99.93 percent stake in Reliance Retail.