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Reliance to sell stake to strategic investors
By siliconindia
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Tuesday, 13 March 2007, 17:30 IST
MUMBAI: Reliance Industries, plans to sell ten percent stake to financial and strategic investors, reported a national daily.
Few days ago Reliance had made a statement where associate companies may sell shares held by them in the parent company to financial or strategic investors from India or abroad "at an appropriate time in the future".
The associate companies owned a total 47.3 percent of Indian Petrochemicals, which will be swapped for two percent of Reliance equity after the takeover. Petroleum Trust, another associate, owns 7.5 percent in Reliance.
According to the newspaper, selling a 10 percent stake in Reliance may raise as much as $4.5 billion, based on the company's current share price.
Mukesh Ambani and his associates raised their stake in the company last month by paying 
1,402 a share. The issue of 120 million warrants, convertible into an equal number of shares, was approved by Reliance's board members on 24 February. The promoters of the company now own 50.62 percent, according to the Bombay Stock Exchange.
1,402 a share. The issue of 120 million warrants, convertible into an equal number of shares, was approved by Reliance's board members on 24 February. The promoters of the company now own 50.62 percent, according to the Bombay Stock Exchange.