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RIL has raised Rs3,465 crore through sale of treasury stocks for the second time this month amid reports that it has upped its bid to $13.5 billion for Dutch petrochemicals company LyondellBasell
Reliance Industries Ltd (RIL) on Monday raised Rs3,465 crore through sale of treasury stocks for the second time this month amid reports that the company is upping its bid to $13.5 billion for Dutch petrochemicals company LyondellBasell, reports PTI.
RIL last week had raised its bid for the proposed LyondellBasell buyout to $13.5 billion from the initial $12 billion offered in November.
This is the second treasury share sale by RIL this month, taking its total mop-up from the open market to Rs6,140 crore.
In a regulatory filing to the stock exchanges, RIL said Petroleum Trust has sold 3.30 crore equity shares of the company today. The Trust will realise about Rs3,465 crore at Rs1,050 per share.
Today's selling price of Rs1,050 was 4% below the prevailing market price of RIL shares. Shares of RIL closed 1.9% down at Rs1,081.55 on the Bombay Stock Exchange, while the BSE Sensex ended 13 points down at 17,526.7.
RIL had created treasury stocks post its merger with Reliance Petroleum in 2002. After today's sell-off, the Trust holds about 12 crore treasury shares worth over Rs13,000 crore at the current market price.
Treasury stocks are shares of a company which are not issued to the public and are kept in the company’s treasury to be used to create extra cash whenever needed.