Reliance Industries has submitted an application to the Reserve Bank of India, in terms of Foreign Exchange Management (Cross Border Merger) Regulations, 2018, seeking its approval for certain transactions that would arise out of a proposal for amalgamation of Reliance Holdings USA Inc, a wholly owned step down subsidiary of the Company with Reliance Energy Generation & Distribution (REGDL), a wholly owned subsidiary of the Company and subsequent amalgamation of REGDL with the company.

The board of directors of the company will consider the aforesaid proposal for amalgamation upon receipt of approval of the Reserve Bank of India.

Shares of the company gained Rs 15, or 1.59%, to trade at Rs 959.70. The total volume of shares traded was 73,289 at the BSE (9.51 a.m., Friday).