reliance-industries-sells-another-573-million-of-treasury-shares

Reliance Industries sells another $573 million of treasury shares

The company's second sale of treasury shares in four months is almost entirely bought by insurance company LIC.

Oil and gas producer Reliance Industries RIL has become the first Indian company to raise fresh capital from a share sale this year. The company, which is controlled by Mukesh Ambani and is India's largest company by market capitalisation, pocketed Rs26.8 billion $573 million by offloading a block of treasury shares before the market opened yesterday -- its second such sale in less than four months.

However, of the 25.85 million shares on offer, sources said 25 million was bought by Life Insurance Corporation of India LIC, the country's largest life insurer and investor, meaning the deal cannot quite be described as a placement into the open market. Discussions with LIC supposedly started on...

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