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Last Updated : Sep 18, 2019 02:35 PM IST | Source: PTI

Mukesh Ambani raises stake in Reliance Industries to 48.87%

Reliance Services and Holdings Ltd, controlled by promoter group firm Petroleum Trust, acquired 17.18 crore or 2.71 percent stake in Reliance on September 13, it said.

 
 
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Billionaire Mukesh Ambani has raised promoter stake in flagship Reliance Industries by 2.71 percent to 48.87 per cent, according to regulatory filing by the company.

Reliance Services and Holdings Ltd, controlled by promoter group firm Petroleum Trust, acquired 17.18 crore shares or 2.71 percent stake in Reliance on September 13, it said.

The acquisition was pursuant to a scheme of arrangement not directly involving Reliance, the filing said without giving details.

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Ambani and his private firms held 47.29 percent stake as on June 30, 2019 in India's second-most valuable company.

As on June 30, FIIs held 24.4 percent stake in the firm, mutual funds had 4.56 per cent and insurance companies 7.1 percent. The remaining share was with public.

Earlier in July, Reliance had announced a composite scheme of amalgamation by merging Reliance Holding USA into Reliance Energy Generation and Distribution and the latter with the company itself.

“Reliance Industries Ltd. is the sole beneficiary of Independent Media Trust which controls Network18 Media & Investments Ltd.”

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First Published on Sep 18, 2019 02:26 pm
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