Group companies acquire RIL shares
26 Dec 2005
Reliance Industries Ltd has transferred 50, 319, 249 shares to its group companies 49,499,649 shares to its group companies Bhumika Trading Pvt Ltd, Ekalavya and Ekansha. These companies come under the definition of 'persons acting in concert' (PAC) with one another under SEBI's Regulation 2(1)(e).
The acquirers and the sellers constitute a "group" under Regulation (3)(1 )(e)(i) of the Takeover Regulations.
Bhumika Trading Pvt Ltd acquired 49,499,649 of the RIL equity on December 21, 2005 through off-market block deals on the stock exchanges, making it an inter-se transfer of shares amongst "group".
Bhumika has also acquired another 819,600 equity shares on the same day from the open market as a creeping acquisition under (as defined by SEBI's Regulation 11(1) of the Takeover Regulations) along with certain other PACs.
At the time of the announcement of its equity buy-back in December 2004, the company had infrmed SEBI that the aggregate shareholding of the promoters, promoter's directors and of those in control of RIL and persons acting in concert with them amounted to 652,060,766 equity shares — 46.70 per cent of the paid-up share capital of the company.