Buy Reliance Industries, target of Rs 1440: Angel
Angel Broking has maintained its buy rating on Reliance Industries (RIL) with a target price of Rs 1440 in its March 2, 2009 research report. “RIL- RPL boards have accepted the merger proposal. The Swap ratio has been fixed at 1 share of RIL for 16 shares of RPL. RIL has also decided to extinguish the treasury shares created following merger of the companies. Appointed date of merger of RPL with RIL is April 1, 2008.”
“We believe the deal is a win-win situation for both companies, as RIL will have improved Cash-flow, stronger Balance Sheet and lower cost of capital post merger. Also, the holding company discount for RPL gets out of the picture for the merged entity. For RPL shareholders, the merger is expected to reduce Earnings volatility and allows them to participate in RIL’s full energy value chain. We maintain a ‘Buy’ on RIL with a target price of Rs 1440,” says Angel’s research report.
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