Trust sells Rs4,247 cr worth RIL shares

Trust sells Rs4,247 cr worth RIL shares
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First Published: Wed, Sep 16 2009. 10 29 PM IST
Updated: Wed, Sep 16 2009. 10 29 PM IST
Mumbai: A unit of India’s Reliance Industries Ltd (RIL) the country’s largest listed firm, was selling up to $880 million (Rs4,247 crore) worth of shares in the company at a discount of about 2.7% to its Wednesday closing, several people familiar with the trade said.
The seller, Petroleum Trust, was selling 10 million shares at Rs2,125 each, with an option to sell an additional 10 million shares that would take total proceeds to about $880 million, said the people who didn’t want to be named.
RIL shares closed at Rs2,183.50 on Wednesday. They have surged at least 77% since the start of the year in a market that has risen 73%.
The energy and petrochemicals-focused conglomerate, controlled by Mukesh Ambani, in April began pumping natural gas from the D6 block in the Krishna -Godavari basin.
Citigroup Inc. and Bank of America Merrill Lynch were handling the deal, the people said.
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First Published: Wed, Sep 16 2009. 10 29 PM IST