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Official: RIL raises $650m from treasury stock sale
Reliance Industries raised USD 650 million from the sale of 1.5 crore treasury shares Nimesh Shah reports that these were the shares that were held by Reliance Petroleum which held 6.65% as of June end.
It's official. Reliance Industries has raised USD 650 million from a sale of 1.5 crore treasury shares. CNBC-TV18's Nimesh Shah reports that these were shares that were held by Reliance Petroleum, which held 6.65% as of June end. RIL has sold 1% stock via this block deal taking the total holding to 5.65%. It was a book that was open to all the institutional investors on Wednesday evening and closed on Monday morning before the market opened. Most of the long-only funds based out of the US and a couple of large domestic insurance companies and some large domestic leading mutual funds have participated in this block deal in Thursday's trade where they have picked up Reliance's treasury stock from the open market.
This again has come as a bit of a surprise to most of the analysts because of the cash on the balance sheet of Reliance as well as the kind of money they have. Many brokerages have upped the target for Reliance Industries after this possible monetizing of this treasury stock and the fact that their petchem margins are going up going forward.
Reliance did also communicate to the exchanges that they have executed this and all the profits which they have incurred will be added to the bottom-line so in that sense it works out close to Rs 18 but clearly this is a big move by Reliance selling 1 crore treasury shares and raising USD 650 million overnight in a block deal.
It's official. 
