Mumbai: Anil Ambani group firm Reliance Capital has exited Mukesh Ambani-led Reliance Industries by offloading an investment worth Rs129.88 crore in the shares of the country’s most valued firm.
However, R-Cap continues to hold a little over 1% stake in another Mukesh Ambani group firm Reliance Industrial Infrastructure Ltd (RIIL).
Incidentally, another Anil Ambani group firm RNRL is engaged in a legal battle with RIL and both entities have approached the Supreme Court in last two days on a judgement by Bombay high court on a gas supply dispute between them.
The disclosures about the sale of RIL shares as also the continuing investment in RIIL shares have been made in the annual report of R-Cap for the fiscal 2008-09. The report is being sent to shareholders ahead of its Annual General Meeting on 21 July.
At the end of 2008-09, R-Cap’s holding of RIL shares was nil against 74,85,295 shares valued at Rs129.88 crore as on 31 March, 2008. These shares account for just about 0.5% of Mukesh Ambani group’s flagship company, but at the current market price of Rs2,025.85 a share, it would have been worth over Rs1,500 crore.
As per its balance sheet, RIL is the only listed company whose equity shares were fully offloaded by R-Cap in 2008-09.
However, Reliance Capital continues to hold 1,60,100 equity shares of RIIL valued at Rs50 lakh as on 31 March, 2009.
R-Cap’s holding accounts for a 1.06% stake in RIIL, which at the current market price of Rs984.90 a share would be worth about Rs15 crore.
While it fully offloaded RIL shares in 2008-09, R-Cap acquired shares of companies like Unitech, Hindalco, OnMobile Global and EIH Ltd during the year.
Other companies where R-Cap has equity share investments include group firms like RCOM and RNRL, PSUs like SBI and MTNL as also media and entertainment firms like IBN 18 Broadcast, INOX LeIsure, Network 18 Media & Investments and TV Today.
Among the unquoted equity investments, Reliance Capital offloaded shares in DTDC Courier and Cargo Ltd.
R-Cap, which runs the country’s top mutual fund house Reliance MF, interestingly also made an investment, valued at Rs275 crore as on 31 March, with LIC Mutual Fund during the fiscal. The value of its investment with Reliance MF also increased from Rs80 crore to Rs1,005.35 crore.
R-Cap’s total investments were worth Rs8,746.49 crore as on 31 March, 2009, up from Rs 4,715.39 crore a year ago.
Interestingly, the company’s current assets include Rs93.46 crore worth aircraft “assets held for sale”, which was previously classified as a fixed asset. However, no more details were available on the same.