Reliance exits ONGC

The Indian conglomerate takes advantage of soaring oil markets to profitably exit from its investment in ONGC.

Affiliate companies of the Reliance Group in India yesterday sold out their entire 0.6% stake in Oil and Natural Gas Corporation ONGC. Under the sole books of Citigroup, the deal was priced at Rp845.1 a share, a 2.5% discount to the previous day's close of Rp866.75. The sale of 8.6 million shares raised some Rp7.3 billion $166 million.

The deal was upsized from an initial level of 6 million shares but priced at the bottom of the 0%-2.5% discount range. The deal was launched at the close of Indian trading on Tuesday and crossed at yesterday's open.

Allocations saw 45 institutions come into the deal...

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