New Delhi: Reliance Industries on Monday said it
has raised Rs 2,675 crore through sale of 2.58 crore treasury
stocks of the company in the open market.
Petroleum Trust has sold about 2.58 crore equity shares
of the company today. The Trust will realise approximately Rs
2,675 crore, at an average price of about Rs 1,035 per share,
RIL said in a filing to the Bombay Stock Exchange.
Shares of RIL came under selling pressure post the equity
sell off and plunged by 6.18 per cent to Rs 1,022 on BSE. In
the afternoon trade, nearly 3 crore shares changed hands on
both BSE and NSE.
The sale of the said shares to Life Insurance Corporation
was executed in the stock exchanges today, sources close to
the development said.
With the said transaction, the country's largest private
sector firm has raised about Rs 5,863 crore by selling off
treasury stocks in two tranches since September last year.
Treasury stock refers to shares of a company which are
not issued to the public, as some are kept in the companies
treasury to be used to create extra cash when needed.
RIL created these treasury stocks post its merger with
Reliance Petroleum in 2002.
As of September quarter, Petroleum Trust, one of the
promoter entity in RIL, held over 5.46 per cent stake in RIL
and the total promoter holding stood at 46.34 per cent.
PTI
First Published: Monday, January 04, 2010, 16:21