RIL to raise Rs 9,500cr via treasury stock sale: Sources

Mukesh Ambani, it seems, may be taking a leaf out of Vijay Mallya's books. CNBC-TV18's Sajeet Manghat learns that Reliance Industries is looking to raise as much as Rs 9,500 crore by selling treasury stock.

Here is a verbatim transcript of Sajeet Manghat's comments on CNBC-TV18. Also see the accompanying video.

It is a season of raising funds and we understand from sources that Reliance Industries maybe looking at selling its treasury stocks it holds through its subsidiaries. These treasury stocks do not have voting rights, Reliance Industries holds merely 5.98% stake through treasury stocks which does not have voting rights. These stocks are held by various subsidiaries of Reliance Industries.

We understand from sources that the stake sale of treasury stocks could be in the range of 2-3% and that would mean that between Rs 6,500 crore and Rs 9,500 crore of funds could be raised by selling of these treasury stocks. This is entirely source based. We did try contacting Reliance Industries and it came back saying, "This is not true and are not in discussion with any investors on this issue." It is one of the options which has been mulled and we understand that feelers have been sent to investors for placing these treasury stocks which could raise up to Rs 9,000 crore.

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