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Reliance Capital offloads Reliance Energy stake for Rs725 cr

Reliance Capital offloads Reliance Energy stake for Rs725 cr
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First Published: Mon, May 21 2007. 03 50 PM IST
Updated: Mon, May 21 2007. 03 50 PM IST
PTI
Mumbai: Anil Ambani Group firm Reliance Capital Ltd (RCL) today sold its entire stake in Reliance Energy Ltd (REL) to other promoters in a block deal on the bourses, booking profits of about Rs350 crore.
Reliance Capital, the financial services arm of ADAG, sold over 1.3 crore shares, representing 5.79% stake in Reliance Energy, market sources said.
REL shares were trading at Rs549 in afternoon trade at the BSE, up 7.4% from the previous close of Rs511.30.
Shares of RCL were trading nearly 4% higher at Rs941, after hitting a life-time high of Rs946.40 earlier in the day.
At the current price, the deal size amounts to about Rs725 crore. Sources close to RCL also confirmed the deal.
Besides Reliance Capital, the other promoters of Reliance Energy include AAA Project Ventures, Reliance Innoventures, Hansdhwani Trading Company and members of Ambani family.
The promoter holding in ADAG’s power utility venture stands at about 35% or 7.87 crore shares.
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First Published: Mon, May 21 2007. 03 50 PM IST
More Topics: Money Matters | Equities |