By Archana Chaudhary
March 12 (Bloomberg) -- Reliance Industries Ltd., India’s biggest company, said its shareholders will meet on April 4 to discuss and approve the purchase of its petroleum unit.
The date of the meeting has been decided according to a Bombay High Court order on March 6, Mumbai-based Reliance said in a statement to the National Stock Exchange on March 9. The exchange was closed for the past two days because of public holidays.
Reliance Industries offered one of its shares for every 16 held in unit Reliance Petroleum Ltd. as it seeks to buy back its crude processing unit and create the world’s biggest refining business. The takeover, announced on March 2, is subject to approvals by the high courts in Mumbai and Ahmedabad, Reliance had said.
To contact the reporter on this story: Archana Chaudhary in Mumbai at achaudhary2@bloomberg.net.
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