Reliance Industries Limited has sold a 4.01% stake in its subsidiary Reliance Petroleum for Rupees 40.23 billion ($1.01 billion), the private Indian refining and petrochemicals giant said over the weekend.
Following the sale, RIL is left holding a 70.99% stake in Reliance Petroleum, which is setting up a 580,000 b/d greenfield refinery and polypropylene plant in a Special Economic Zone of Jamnagar, Gujarat.
The refinery, adjacent to RIL's existing 660,000 b/d plant in Jamnagar is expected to be on stream before December 2008.
The shares were sold through the Indian stock exchanges, where Reliance Petroleum is traded, and increased the number of shareholders of the company to 1.6 million from the 1.2 million who held the stock after the initial public offering, RIL said.
Reliance Petroleum shares were sold at Rupees 60 apiece in the IPO in April 2006. The stock closed at Rupees 204.05 on Monday.
The public now holds 24.01% of Reliance Petroleum. US company Chevron has the remaining 5% stake.
Following the sale, RIL is left holding a 70.99% stake in Reliance Petroleum, which is setting up a 580,000 b/d greenfield refinery and polypropylene plant in a Special Economic Zone of Jamnagar, Gujarat.
The refinery, adjacent to RIL's existing 660,000 b/d plant in Jamnagar is expected to be on stream before December 2008.
The shares were sold through the Indian stock exchanges, where Reliance Petroleum is traded, and increased the number of shareholders of the company to 1.6 million from the 1.2 million who held the stock after the initial public offering, RIL said.
Reliance Petroleum shares were sold at Rupees 60 apiece in the IPO in April 2006. The stock closed at Rupees 204.05 on Monday.
The public now holds 24.01% of Reliance Petroleum. US company Chevron has the remaining 5% stake.
