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Rediff News  All News  » Business » Mukesh Ambani to consolidate RIL holding

Mukesh Ambani to consolidate RIL holding

March 16, 2006 08:56 IST

Mukesh Ambani-owned nine companies, led by Bhumika Trading, will acquire 13.13 per cent shares from other 14 group companies, Reliance Industries Ltd informed the National Stock Exchange on Tuesday.

Anil Ambani readies his war chest

The transfer of 18,29,91,529 shares from 14 companies to nine will be done at 1 per cent above or below the closing price on the previous day or ruling market price as applicable to a block deal on the day of acquisition, according to the company release. This move will help Mukesh consolidate his holding in the company.

At present, the promoter's direct holding in the company through Bhumika, Ekansha Enterprise, Eklavya Mercantile and Petroleum Trust stands at 20.38 per cent. The persons acting in concert with promoters, including the 14 companies, hold another 26.88 per cent stake in RIL. The transfer will be done on or after March 20.

Along with Bhumika, other companies that are buying stake in RIL include Eklavya Mercantile, Ekansha Enterprise, Anumati Mercantile, Bahar Trading, Reliance Chemicals, Reliance Aromatics & Petrochemicals, Reliance Polyolefins and Reliance Energy & Project Development.

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BS Bureau in Mumbai