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Mukesh Ambani raises stake in Reliance Industries by 2.71%

Reliance Services and Holdings Ltd, controlled by promoter group firm Petroleum Trust, acquired 17.18 crore shares, equivalent to 2.71 percent stake, of Reliance Industries on September 13, the exchange filing stated.

twitter-logo BusinessToday.In        Last Updated: September 23, 2019  | 10:47 IST
Mukesh Ambani raises stake in Reliance Industries by 2.71%
At the end of June quarter, Ambani and his private firms held 47.29 per cent stake in India's second-most valuable company.

Billionaire industrialist Mukesh Ambani has raised promoter stake in Reliance Industries by 2.71 percent to 48.87 per cent, said a report. Reliance Services and Holdings Ltd, controlled by promoter group firm Petroleum Trust, acquired 17.18 crore shares, equivalent to 2.71 percent stake, of Reliance Industries on September 13.

The acquisition was pursuant to a scheme of arrangement not directly involving Reliance Industries, a PTI report said citing an exchange filing.

At the end of June quarter, Ambani and his private firms held 47.29 per cent stake in India's second-most valuable company. As on June 30, foreign institutional investors held 24.4 percent stake in RIL, mutual funds had 4.56 percent and insurance companies 7.1 percent.  

The remaining shares are with the public. RIL had in July announced a composite scheme of amalgamation by merging Reliance Holding USA into Reliance Energy Generation and Distribution and the latter with the company itself.

Meanwhile, Reliance Industries share price was trading 0.46% higher at Rs 1,202 in afternoon trade. The large cap stock rose 1.5% intra day to Rs 1,216.10 compared to the previous close of Rs 1,197.20. It closed 0.71% higher at Rs 1205.70 on BSE. The stock has gained after 2 days of consecutive fall and is trading lower than the 5 day, 20 day, 50 day, 100 day and 200-day moving averages. The market capitalisation of Reliance Industries share stood at Rs 7.64 lakh crore on BSE.

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