Held Reliance Petroleum, Petrochemicals, IPCL or Old Reliance Shares? Here’s Exactly What You Own Today

Somewhere in your house — in a locker, a steel almirah, or a file that belonged to your father — there may be a share certificate from a Reliance company that no longer exists.

Reliance Petroleum. Reliance Petrochemicals. Reliance Polyethylene. Reliance Polypropylene. Indian Petrochemicals Corporation (IPCL). Or Reliance Textile Industries — which is simply Reliance’s own name before 1985.

You searched the name. You found a “share price” that made no sense, or nothing at all. So the certificate went back in the file.

It is almost certainly not worthless. Every one of those companies was merged into Reliance Industries Limited (RIL), which closed at about ₹1,247 a share on 21 September 2026. Since those mergers, Reliance has doubled its share count again and again through bonus issues. And in July 2023, every Reliance share came with a second share on top: Jio Financial Services.

This page gives you the exact ratio for every one of those events, and what 100 old shares are today. The ratios come from Reliance’s own annual reports and stock-exchange filings. For the few events older than those records, we say so plainly and tell you how to confirm.

Work out your number first. Then read what it takes to actually get these shares into your demat account — the calculation is the easy part.

What happened to Reliance Petroleum shares?

They became Reliance Industries shares — and there were two different companies called Reliance Petroleum, with two different ratios. Neither is listed today.

Both ratios are stated word for word in Reliance’s own stock-exchange filings. For the 2002 merger, Reliance allotted 34,26,20,509 shares to the old Reliance Petroleum’s shareholders. The 2009 company was a different company altogether — it was only incorporated in October 2005.

Is Reliance Petroleum still listed?

No. Both companies were dissolved into Reliance Industries. Some finance websites still show a “Reliance Petroleum share price” — it is a frozen figure from before the merger, not a live price. The price that matters for your certificate is Reliance Industries, NSE symbol RELIANCE.

What is the new name of Reliance Petrochemicals Limited?

It does not have one — Reliance Petrochemicals Ltd merged into Reliance Industries at 1 Reliance share for every 10, with effect from March 1991. Its shareholders became Reliance shareholders, and the company ceased to exist.

It was a separate company from both Reliance Petroleums, even though all three are shortened to “RPL” in old paperwork. Always go by the full name printed on the certificate.

Which companies merged into Reliance Industries, and at what ratio?

Seven mergers matter to ordinary shareholders — plus six smaller companies that reached Reliance through IPCL. In each one, the old share was cancelled and replaced by Reliance shares of ₹10.

Reliance’s 1994–95 annual report records that Polyethylene and Polypropylene merged with effect from 1 January 1995, under orders of the Bombay High Court, and that 9,95,75,915 Reliance shares were to be issued to their shareholders. The company’s own record of the allotment, in June 1995, gives that same total and splits it: 30 for every 100 Polypropylene shares, 25 for every 100 Polyethylene shares.

The 2002, 2007 and 2009 ratios are stated word for word in Reliance’s filings, with the record dates shown. For IPCL, Reliance allotted 6,01,40,560 shares on 13 October 2007.

IPCL certificates were never called back

Reliance’s filing said it would not collect IPCL certificates in exchange. They simply stopped being valid on the record date, 12 October 2007, and Reliance shares were allotted in their place. So an IPCL certificate in a family file today is evidence of a Reliance holding — not a holding by itself.

The ordering trap

A bonus issue or a demerger only applies to shares you already held as Reliance shares on that date. An IPCL shareholder only became a Reliance shareholder in October 2007. The 1997 bonus and the 2006 demerger do not apply to them. Build your answer as a timeline — what did I hold, and on which date — never as a bag of multipliers.

Fractions were never rounded up

In every one of these mergers, fractions were pooled, sold, and the cash sent to shareholders. So 100 first-company Reliance Petroleum shares became 9 Reliance shares and a cheque, not 9.09 shares. If nobody banked that cheque, the money is probably sitting unclaimed as well.

Has Reliance ever split its shares? How many bonus issues has it made?

Reliance has never split its shares — the face value has been ₹10 throughout. All of the growth came from six bonus issues. Reliance publicly denied split proposals in 2003, 2005 and 2006, and it has never split since. Every time an existing holding multiplied, it was a bonus.

The 1997, 2009, 2017 and 2024 bonuses come from Reliance’s own annual report and filings; the dates are the record dates. The two early bonuses are older than any online exchange record. Reliance’s own 2000–01 annual report settles them: it says an investor who bought 100 shares in the original 1977 offer, and never bought more, held 512 shares by 2001. That only adds up with two 3-for-5 bonuses before 1997. Most histories date the first to 1980.

So how many Reliance shares do you hold now?

Multiply the Reliance shares you bought by the figure for the period you bought them in:

The oldest figures are “about” because bonus fractions were paid out in cash. If you held Reliance on 25 January 2006, add the four companies from the demerger, further down.

Did Reliance shareholders get Jio Financial Services shares?

Yes — one Jio Financial Services share for every one Reliance share held on the record date, 20 July 2023. Both have a face value of ₹10. You kept every Reliance share as well.

The new company was first called Reliance Strategic Investments Limited. It was renamed Jio Financial Services Limited with effect from 25 July 2023, and closed at about ₹230 on 21 September 2026.

If your Reliance shares are still on paper

Reliance’s filing said the Jio Financial shares would be issued in electronic form only. Paper shareholders were asked to send their demat details to the registrar, KFin Technologies, by 14 July 2023. Where they did not, the shares were issued to a trustee, who holds them for you until you provide your demat account details.

If your Reliance shares were already with the IEPF

Then your Jio Financial shares went to the IEPF as well. Jio Financial’s own June 2026 shareholding filing shows 3,47,51,258 of its shares held by the IEPF Authority. Getting them back is a separate claim — one Form IEPF-5 for Reliance, and another for Jio Financial, each through that company.

Most families file one claim and never learn the second one existed.

If you held Reliance before 2006, you also own four other companies

Every Reliance shareholder on 25 January 2006 was given one share in each of four new companies for every Reliance share held — and kept the Reliance share too. This was the division of the Reliance group between the Ambani brothers; the four companies went to Anil Ambani’s group. Nobody had to apply.

Be realistic about the size of this. For every 100 Reliance shares held in January 2006, it comes to about 7 Reliance Infrastructure shares, 25 Reliance Power shares and 100 Reliance Communications shares — under ₹1,000 at September 2026 prices. It matters for large holdings, and it is worth collecting while you are claiming the rest. It is not where the value is.

For tax, Reliance told shareholders how to split the cost of their original Reliance shares: 52.0% to Reliance, 38.7% to Reliance Communication Ventures, 7.3% to Reliance Energy Ventures, 1.3% to Reliance Capital Ventures and 0.7% to Reliance Natural Resources.

We will tell you when something is worthless

If you hold Reliance Capital, the honest answer is that it is worth nothing. Under the resolution plan approved by the National Company Law Tribunal in February 2024, Reliance Capital’s own filing says the entire existing share capital was cancelled and extinguished for nil consideration, and the shares were delisted on 13 February 2025. There is no claim to file.

We would rather tell you that at the start than take your time finding it out slowly.

Worked examples — 100 shares of each

100 Reliance Polypropylene (RPPL) shares, held at the 1995 merger

• 100 × 30/100 = 30 Reliance shares (June 1995)
• November 1997 bonus → 60
• January 2006 → 4 Reliance Infrastructure, 15 Reliance Power and 60 Reliance Communications shares, from the four companies
• 2009 and 2017 bonuses → 240
• July 2023 → 240 Jio Financial shares
• October 2024 bonus → 480 Reliance shares

Today: 480 Reliance shares + 240 Jio Financial shares — roughly ₹6.5 lakh at 21 September 2026 prices, before counting three decades of dividends.

100 Reliance Polyethylene (RPEL) shares, held at the 1995 merger

• 100 × 25/100 = 25 Reliance shares (June 1995)
• November 1997 bonus → 50
• January 2006 → 3 Reliance Infrastructure, 12 Reliance Power and 50 Reliance Communications shares
• 2009 and 2017 bonuses → 200; July 2023 → 200 Jio Financial shares
• October 2024 bonus → 400 Reliance shares

Today: 400 Reliance shares + 200 Jio Financial shares — roughly ₹5.4 lakh at 21 September 2026 prices.

100 Reliance Petroleum shares from the 1993 issue, held at the 2002 merger

• 100 × 1/11 = 9.09 → 9 Reliance shares + cash for the fraction (October 2002)
• January 2006 → 2 Reliance Power and 9 Reliance Communications shares
• 2009 and 2017 bonuses → 36; July 2023 → 36 Jio Financial shares
• October 2024 bonus → 72 Reliance shares
• The 1997 bonus does not apply — you were not a Reliance shareholder until 2002

Today: 72 Reliance shares + 36 Jio Financial shares — roughly ₹98,000. For 1,000 shares from the 1993 issue, multiply by ten: about ₹9.8 lakh.

100 Reliance Petrochemicals shares, held at the 1991 merger

• 100 × 1/10 = 10 Reliance shares
• November 1997 bonus → 20
• January 2006 → 1 Reliance Infrastructure, 5 Reliance Power and 20 Reliance Communications shares
• 2009 and 2017 bonuses → 80; July 2023 → 80 Jio Financial shares
• October 2024 bonus → 160 Reliance shares

Today: 160 Reliance shares + 80 Jio Financial shares — roughly ₹2.2 lakh, if the 1 for 10 ratio is confirmed for your folio.

100 IPCL shares, held at the 2007 merger

• 100 × 1/5 = 20 Reliance shares (October 2007)
• 2009 and 2017 bonuses → 80; July 2023 → 80 Jio Financial shares
• October 2024 bonus → 160 Reliance shares
• No 1997 bonus and no 2006 companies — both came before you were a Reliance shareholder

Today: 160 Reliance shares + 80 Jio Financial shares — roughly ₹2.2 lakh.

100 Reliance Petroleum shares from the 2006 issue, held at the 2009 merger

• 100 × 1/16 = 6.25 → 6 Reliance shares + cash for the fraction (September 2009)
• November 2009 bonus → 12. Reliance said in its own announcement that this bonus would reach the former Reliance Petroleum shareholders — the merger record date came first.
• 2017 bonus → 24; July 2023 → 24 Jio Financial shares
• October 2024 bonus → 48 Reliance shares

Today: 48 Reliance shares + 24 Jio Financial shares — roughly ₹65,000.

100 Reliance shares, bought in 1990

• November 1997 bonus → 200
• January 2006 → 15 Reliance Infrastructure, 50 Reliance Power and 200 Reliance Communications shares
• 2009 and 2017 bonuses → 800; July 2023 → 800 Jio Financial shares
• October 2024 bonus → 1,600 Reliance shares

Today: 1,600 Reliance shares + 800 Jio Financial shares — roughly ₹21.8 lakh.

100 Reliance shares from the original 1977 offer

• Reliance’s own 2000–01 annual report: 512 shares by 2001, including 412 bonus shares
• January 2006 → 38 Reliance Infrastructure, 128 Reliance Power and 512 Reliance Communications shares
• 2009 and 2017 bonuses → 2,048; July 2023 → 2,048 Jio Financial shares
• October 2024 bonus → 4,096 Reliance shares

Today: 4,096 Reliance shares + 2,048 Jio Financial shares — roughly ₹55.8 lakh, from an original ₹1,000.

The long path: IPCL and the six polyester companies

Six polyester companies merged into IPCL in October 2006 — one year before IPCL itself merged into Reliance. If your certificate names one of them, it counts — through two mergers.

IPCL announced these ratios when its board approved the merger in April 2006, and fixed 12 October 2006 as the record date. Then IPCL merged into Reliance at 1 for 5, with a record date of 12 October 2007.

Larger holdings did reach Reliance. 1,000 India Polyfibres shares became 35 IPCL shares, then 7 Reliance shares — 56 Reliance shares and 28 Jio Financial shares today, roughly ₹76,000. 1,000 Recron Synthetics shares became 29 IPCL, then 5 Reliance — 40 Reliance shares and 20 Jio Financial shares, roughly ₹54,000.

What happened to Reliance partly paid shares?

They became ordinary Reliance shares in December 2021 — unless the calls were never paid, in which case they were forfeited in 2024. There is no separate “partly paid” share price any more.

In 2020, Reliance issued rights shares at ₹1,257 each, payable in instalments. After the second and final call — record date 10 November 2021 — about 99% of the money came in, and 41,87,97,736 shares became fully paid and started trading as ordinary Reliance shares from 10 December 2021.

Where calls went unpaid, Reliance forfeited 1,97,660 partly paid shares in October 2024. It rescued 55,095 of them for small shareholders who had between them already paid the full ₹1,257 for a share, turning those into fully paid shares, and cancelled the remaining 1,42,565.

Which “Reliance” certificates are not Reliance Industries shares?

Several companies carry the Reliance name but never turned into Reliance Industries shares. Check this list before you calculate anything.

How many Reliance shares are sitting with the IEPF?

8,64,59,278 Reliance shares — about ₹10,800 crore at September 2026 prices — were held by the IEPF Authority, according to Reliance’s own shareholding filing for June 2026. Another 3,47,51,258 Jio Financial shares sit in the same fund.

Shares go there when a dividend stays unclaimed for seven years in a row, under Section 124(6) of the Companies Act. Reliance pays a dividend every year. So if the address on your folio went stale and the dividend warrants came back, the shares very likely moved. With certificates from the 1980s and 1990s, that is common.

How to check where your Reliance shares are

There are three places to look, and it is worth checking all of them. Reliance publishes the details of shares transferred to the IEPF on its investor website, as every company must. The registrar, KFin Technologies, can confirm the position for your folio and issues the entitlement letter a claim needs. Older Reliance letters may name the registrar as Karvy Computershare, KFin’s former name: what the Karvy to KFin change means for your shares. And the IEPF keeps its own searchable record. Old records carry initials, maiden names and spelling variations, so a blank result does not settle it — here is how to check properly, and how the IEPF portal works.

So you have a number. Now the hard part.

Working out your entitlement is the only easy step. If those shares were sitting quietly in a demat account, you would not be reading this. Usually one of these is true.

You never received the Reliance shares

After each merger, Reliance certificates were posted out to the old company’s shareholders. Many never arrived. The shares still stand in your folio with the registrar, KFin Technologies. The route is to update the folio’s KYC — Forms ISR-1, ISR-2, ISR-3 or SH-13 — and ask for the shares in electronic form with Form ISR-4. Open a demat account in exactly the name on the certificate before you start; shares now arrive only in demat.

Your shares have gone to the IEPF

Then there may be several claims, not one: Reliance, Jio Financial, and — for holders before 2006 — Reliance Infrastructure and Reliance Power. Each is a separate company with its own nodal officer and its own Form IEPF-5. Here is how Form IEPF-5 works, the indemnity bond where most claims fail, and why claims sit pending for months.

The certificate is lost

A duplicate is possible, but the process changed in 2026. The current rules for a lost share certificate are here.

The original holder has died, or the name does not match

The certificate may be in a name that can no longer sign anything — a parent, a grandparent. Or it says “S. K. Sharma” and your PAN says “Suresh Kumar Sharma”. Each is its own procedure: transmission after a death, and fixing a name or signature mismatch.

Your Reliance dividends are unclaimed too

Three decades of Reliance dividends is real money, on every one of the shares above. It may still be with the company, or already with the IEPF. Here is how unclaimed dividends are recovered.

Why not just hand the certificate to a local lawyer or agent?

Because a certificate is only worth what is traced behind it — and on a Reliance chain, the tracing is where the money is.

Take a family holding 100 Reliance Polypropylene shares. A generalist starts from what the family remembers: “100 Reliance shares.” He finds the 1995 merger, works out 30 shares, and files for 30. The family gets a fraction of what it owns — and is back in the queue for the rest: the 450 bonus shares, the 240 Jio Financial shares in a separate company, the four 2006 companies, and the unclaimed dividends.

We work the other way round. We trace the complete holding first — every merger, every bonus, both demergers, every folio. Then a vetted local partner handles the paperwork where you live, on the full holding, the first time.

There is also the question of who is paid for what. A lawyer or agent is paid whether or not your shares ever arrive. We are not. Zero advance — you pay only once the shares are credited to your demat account. So the only thing we are paid for is the whole chain working.

And the document is the start, not the finish. After the certificate come the registrar, the demat credit, a separate IEPF-5 for each company whose shares went to the IEPF, and a transmission if the holder has died. Anyone can get you a piece of paper. We get you the shares.

One date you should know about

SEBI’s special window for old physical transfers closes on 4 February 2027. It covers transfer deeds signed before 1 April 2019 that were rejected, returned or never processed — for example, Reliance shares you bought on paper and never got registered in your own name.

It does not cover shares already transferred to the IEPF, or disputed cases, and shares registered through it are locked in for a year. The full rules of the window are here.

Holding old shares in other companies too? The same kind of chain runs through Hindustan Lever, Tata Oil Mills and Brooke Bond and L&T, Grasim and the UltraTech cement companies.

Not sure what your certificate is worth? Start with Find Your Shares →

Frequently Asked Questions

What happened to Reliance Petroleum shares?
They became Reliance Industries shares. Two different companies were called Reliance Petroleum. The first, from the 1993 public issue, merged into Reliance Industries in October 2002 at 1 Reliance share for every 11. The second, from the 2006 public issue, merged in September 2009 at 1 Reliance share for every 16. Neither is listed today, so there is no live Reliance Petroleum share price.

How many Reliance shares is 100 Reliance Petroleum shares today?
It depends on which company you held. 100 shares of the 1993-issue Reliance Petroleum became 9 Reliance shares in 2002, which are 72 Reliance shares and 36 Jio Financial shares today after the 2009, 2017 and 2024 bonuses and the 2023 demerger. 100 shares of the 2006-issue company became 6 Reliance shares in 2009, which are 48 Reliance shares and 24 Jio Financial shares today.

What is the new name of Reliance Petrochemicals Limited?
It has no new name. Reliance Petrochemicals Ltd merged into Reliance Industries at 1 Reliance share for every 10, with effect from March 1991 according to published company histories. It is a different company from both Reliance Petroleums. The registrar’s record for your folio is the final word on this older merger.

What was the Reliance Polyethylene and Reliance Polypropylene merger ratio?
Reliance Industries issued 25 of its shares for every 100 Reliance Polyethylene shares and 30 for every 100 Reliance Polypropylene shares, allotted in June 1995. Both companies merged with effect from 1 January 1995. After the 1997, 2009, 2017 and 2024 bonuses, 100 Polyethylene shares are 400 Reliance shares today, and 100 Polypropylene shares are 480, plus half that number again in Jio Financial shares.

What was the IPCL to Reliance merger ratio?
One Reliance Industries share for every five IPCL shares held on the record date, 12 October 2007. IPCL certificates were not called back; they stopped being valid on the record date. 100 IPCL shares became 20 Reliance shares, which are 160 Reliance shares and 80 Jio Financial shares today.

Has Reliance Industries ever split its shares?
No. Reliance has never split its shares, and its face value has been ₹10 throughout. All the growth in share count came from bonus issues: two of 3 for 5 in the early 1980s, and 1 for 1 in 1997, 2009, 2017 and 2024.

Did Reliance shareholders get Jio Financial Services shares?
Yes. Every Reliance shareholder on the record date, 20 July 2023, received one Jio Financial Services share of ₹10 for every Reliance share held, and kept the Reliance share. The company was called Reliance Strategic Investments Limited until 25 July 2023. Shareholders holding paper certificates without demat details had their Jio Financial shares issued to a trustee, who holds them until the shareholder provides demat details.

My Reliance shares went to the IEPF. Did I lose the Jio Financial shares?
No. The Jio Financial shares for Reliance shares already held by the IEPF were credited to the IEPF as well; Jio Financial’s June 2026 shareholding filing shows 3,47,51,258 of its shares held by the IEPF Authority. Getting both back takes two separate IEPF-5 claims, one for Reliance and one for Jio Financial.

What happened to Reliance partly paid shares?
The partly paid shares from Reliance’s 2020 rights issue became ordinary fully paid Reliance shares after the final call, and traded as ordinary shares from 10 December 2021. Where the calls were never paid, Reliance forfeited 1,97,660 partly paid shares in October 2024, converted 55,095 of them into fully paid shares for small shareholders who had already paid the full ₹1,257 between them, and cancelled the rest.

Are Reliance Capital shares worth anything?
No. Under the resolution plan approved by the National Company Law Tribunal in February 2024, Reliance Capital’s entire existing share capital was cancelled and extinguished for nil consideration, and the shares were delisted on 13 February 2025. Reliance Capital came to Reliance Industries shareholders through the 2006 demerger, at 5 shares for every 100 Reliance Capital Ventures shares.