Mukesh Ambani Raises His Stake In Reliance Industries To 48.87%

Billionaire Mukesh Ambani has raised promoter stake in Reliance Industries Ltd. by 2.71 percentage points to 48.87 percent, the company said in an exchange filing Tuesday.

Reliance Services and Holdings Ltd., controlled by promoter group firm Petroleum Trust, acquired 17.18 crore shares, equivalent to 2.71 percent stake, of Reliance Industries on Sept. 13, the exchange filing stated.

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

As on June 30, 2019, Ambani and his private firms held 47.29 percent stake in India’s second-largest company by market capitalisation.

As on June 30, foreign institutional investors held 24.4 percent stake in RIL, mutual funds had 4.56 percent and insurance companies 7.1 percent. The remaining shares are with the public.

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