RIL expected to sell treasury shares: CNBC-TV18
12 Jan 2010
Reliance Industries may go in for another round of treasury share sale, business news channel CNBC-TV18 today reported citing sources.
According to the chanel, RIL will sell more treasury shares this week "if demand exceeds $1 billion". it said that potential investors have already been sounded off by bankers.
India's largest private refiner has been raising money through a series of share sales to fund its acquisition of LyondellBasell Industries.
In the first tranche, it sold 1.5 crore shares to China's leading asset management company at Rs 2,125 per share, raising a total of Rs 3187.5 crore.
On January 4, Life Insurance Corporation picked up 2.5 crore shares at Rs 1,035 per share, netting the company Rs 2,680 crore (See: RIL sells more treasury stock; raises Rs2,675 crore)
Yesterday, it raised Rs 3,465 crore via a sale of 3.3 crore treasury shares (See: Reliance raises $763 million through share sale) Till date, the company has raised a total of Rs 9,330 crore in three tranches.
