There is talk that Badebhai (Mukesh Ambani) has finally made up his mind to list Nocil Petrochemicals, a subsidiary of Nocil.
He mentioned that RIL had invested Rs 325 crore in Nocil Petrochemicals and is estimated to hold 325 million shares of the company. The D-boys are betting that the shares will be listed at a price of over Rs 100 and existing shareholders of Nocil will get one free share of Nocil Petro for each Nocil share.
-A news item in ET (24/12/2007)
Is NOCIL Shares a good buy ?
Reliance Associate signs MoU with NOCIL
to take over Petrochemicals and Plastics Products divisions
January 7, 2004: Sunbright, a business associate of Reliance, has signed a Memorandum of Understanding (MoU) with National Organic Chemicals Industries Limited (NOCIL) to take over its Petrochemicals and Plastics Products Divisions.
Under this proposal, the assets of NOCIL's Petrochemical Division, certain liabilities of the Company, and the business and undertaking of the Plastic Products Division as a going concern basis will be demerged from NOCIL and will be vested in Nocil Petrochemicals Limited (NPL), a wholly owned subsidiary of NOCIL. Sunbright will invest in equity of NPL after the process of demerger is completed.
The board of directors of NOCIL at its meeting held today has approved the restructuring proposal and the offer of Sunbright. NOCIL will be shortly filing ...more