Mumbai: Reliance Industries Ltd (RIL) on Wednesday witnessed three block deals in which around 388.70 million shares or 12% stake of the company changed hands, Bloomberg reported.
However, details of the buyers and sellers were not known. This was the company’s second huge block deal in a week.
Reliance Industries shares closed up 1.16% at Rs1,304.40 in Mumbai, while India’s benchmark Sensex Index fell 0.15% to 29,398.11 points.
In that deal, Taran Enterprises LLP sold 106.37 million shares of the company, Abhayaprada Enterprises LLP sold 124.51 million, Trilokesh Commercials LLP sold 124.51 million while Adisesh Enterprises LLP sold 40.69 million shares of the company. Devearshi Commercials LLP bought 355.40 million shares, while Tattvam Enterprises LLP bought 40.69 million shares of the company.
On 2 March, RIL announced in a notice to the stock exchanges that its promoter group entities have proposed to re-structure their shareholding by an inter-se transfer of shares. The restructuring will not change the promoter stake (currently 46.48%) in India’s largest company by revenue; around 1.2 billion shares held by 15 entities are being transferred to eight others, the company said in a notice to BSE.
Eight group entities of the founders will acquire the shares. These entities include Devarshi Commercials LLP, Karuna Commercials LLP, Tattvam Enterprises LLP, Srichakra Commercials LLP, Svar Enterprises LLP, Vasuprada Enterprises LLP, Shreeji Comtrade LLP and Shrikrishna Tradecome LLP