Reliance Industries sells $658 million of treasury shares

The Indian oil and gas giant offloads part of the treasury shares held by its Petroleum Fund in a fixed-price deal that is upsized by 50%.

Reliance Industries Limited RIL, India's largest listed company by market capitalisation, yesterday raised Rs13.88 billion $658 million from the sale of treasury shares. The deal, which was launched on Wednesday evening and completed before the Indian market opened yesterday, was upsized by 50% to make the most of the available demand.

The company, which is controlled by Mukesh Ambani, didn't say what it would use the money for, but analysts speculate that it may be building up a war...

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