Chevron exits Reliance Petro; sells 5 per cent stake to RIL
30 Apr 2009
US energy giant Chevron Corporation has sold its five per cent stake in Reliance Petroleum back to RIL, for Rs1,350 crore, to exit the Mukesh Ambani-led venture.
Chevron India Holdings sold 22.50 crore shares, representing five per cent stake in RPL, to Reliance Industries, at Rs60 per share, Reliance Petroleum said in a filing with the Bombay Stock Exchange.
''The acquisition has been undertaken via inter-se transfer of shares amongst the promoters,'' the company said in its filing
Chevron had bought the five per cent stake in RIL at the same price of Rs60 a share in April 2006. Chevron had, at the time of acquiring the stake, had agreed to sell the stake at the purchase price if it were to exit RPL.
RIL bought back the Chevron stake in Reliance Petroleum following its merger with RIL, last month. RIL merged RPL with itself in an all-stock deal valued at about Rs8,500 crore.
With the buyback of Cheveron's five per cent stake in RPL, Reliance promoter group now holds a 75.38 per cent stake in RPL.
Chevron had the option to either increase its stake in RPL to 29 per cent within three months of commissioning of the export-oriented Jamnagar refinery or exit the company completely.
The new 580,000 barrels per day refinery was commissioned in December 2008.