Monday, January 11, 2010

Reliance raises Rs 3500 cr via treasury shares sale; stock down

Shares of Reliance Industries were under selling pressure on Monday after the company raise Rs 3500 crore by selling 33 million treasury shares in block deals on the NSE.

According to ET Now, the company sold 28.9 million shares at Rs 1089 per share and remaining 4.1 million shares were sold at Rs 1057 per share.

This deal is said to be the highest block deal in terms of value. 5 new long only funds from Asian and Europe have bought the shares. UBS was the sole arranger for the deal.

At 9:41 am, the stock was at Rs 1090.65, down Rs 11.30 or 1.03 per cent. It touched a low of Rs 1066 and high of Rs 1184.70 in trade so far.

On the NSE, the scrip was at Rs 1089.40, down Rs 13.75 or 1.25 per cent. The stock touched a low of Rs 1050 and high of Rs 1149.70.

Reliance Industries, a week ago, sold a part of its treasury stock for Rs 2,675 crore to LIC. Analysts are of the view that the company is raising funds for its proposed acquisition of LyondellBasell, the Netherlands-based petrochemicals company.

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