Reliance Industries Limited (RIL) and Reliance Petroleum Ltd (RPL) merger has been finalised. The swap ratio of the RIL-RPL merger has been fixed at 16:1. RPL shareholders would get one RIL share for 16 shares as part of the merger.

Reliance Industries said late on Friday it would also buy Chevron's 5 per cent stake in Reliance Petroleum. The stake was valued at $344 million as of the close of trade on Friday.

RIL will also extinguish treasury stock following the merger. Chairman and Managing Director of RIL Mukesh Ambani said that they will issue 6.92 crore shares to RPL shareholders following merger.

RIL's board met on Monday and finalised the merger. The merge of Reliance's refinery subsidiary with itself makes the company one of the world's largest refiners.