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Last Updated : Apr 18, 2019 10:57 AM IST | Source: Moneycontrol.com

Reliance Industries gains over 2% on stake sale in six group cos

The company's board meeting is scheduled on April 18 to consider and approve standalone and consolidated audited financial results of the company for the quarter/year ended March 31, 2019

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Share price of Reliance Industries rose nearly 3 percent intraday on April 18 after a Japanese firm said it will acquire a strategic stake in six group companies.

Reliance Ethane Holding Pte. (REHPL), a wholly owned subsidiary of Reliance Industries having 100 percent holding in six limited liability companies (LLCs) that own Very Large Ethane Carriers (VLEC), Mitsui O.S.K Lines (MOL) of Japan and a strategic minority investor have signed binding definitive agreements for a strategic investment by MOL and minority investor in the six special purpose limited liability companies (SPVs), each owning a VLEC, as per company BSE filing.

Also, Saudi Aramco, the world's largest crude oil producer, is in "serious discussions" to acquire up to a 25 percent stake in Reliance Industries' refining and petrochemicals businesses, the Times of India reported on April 17.

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A minority stake sale could fetch around $10 billion to $15 billion, valuing the Indian company's refining and petrochemicals businesses at around $55 billion to $60 billion, the report said.

The company's board meeting is scheduled on April 18 to consider and approve standalone and consolidated audited financial results of the company for the quarter/year ended March 31, 2019 and to consider and recommend dividend on equity shares of the company.

At 1009 hours, Reliance Industries was quoting at Rs 1,374.95, up Rs 29.65, or 2.20 percent on the BSE.

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

With inputs from Reuters

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First Published on Apr 18, 2019 10:34 am
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