reliance-industries-sells-658-million-of-treasury-shares

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 chest for overseas acquisitions as returns from its domestic oil and gas field have been stagnating. Aside from exploration, the company also owns downstream refining and petrochemical chemical plants.

RIL's share price has also...

¬ Haymarket Media Limited. All rights reserved.

FinanceAsia has updated its subscription model.

Registered readers now have the opportunity to read 5 articles from our award-winning website for free.

To obtain unlimited access to our award-winning exclusive news and analysis, we offer subscription packages, including single user, team (2-10 users), or office-wide licences.

To help you and your colleagues access our proprietary content, please contact us at subscriptions@financeasia.com, or +(852) 2122 5222

Article limit is reached.

Hello! You have used up all of your free articles on FinanceAsia.

To obtain unlimited access to our award-winning exclusive news and analysis, we offer subscription packages, including single user, team (2-10 users), or office-wide licences. To help you and your colleagues access our proprietary content, please contact us at subscriptions@financeasia.com, or +(852) 2122 5222