Reliance Industries gains as promoter increases stake to 48.87%

Shares of Reliance Industries gained as much as 1.6 percent intraday on September 18 after promoter Mukesh Ambani increased his stake in the company to 48.87 percent.

In a BSE filing, RIL said that Reliance Services and Holdings Limited, a private firm of Ambani, acquired more than 17.18 crore equity shares, or 2.71 percent stake on September 13, 2019, pursuant to a scheme of arrangement.

As per the June shareholding pattern available on exchanges, the Ambani family and other promoters owned entities held 47.29 percent stake in RIL previously.

In July this year, Reliance Industries approved the merger of Reliance Holding USA Inc (RHUSA) with Reliance Energy Generation and Distribution (REGDL) and merger of REGDL with itself.

RHUSA is a wholly-owned subsidiary of REGDL and REGDL is a wholly-owned subsidiary of the company.

RHUSA was incorporated as a Delaware corporation in the year 2010, under Delaware General Corporation Law, USA. RHUSA conducts its operations through indirect interests in entities which are in the business of producing natural gas and liquids from shale deposits in the USA. These entities in turn own interests in shale gas assets.

REGDL is a public limited company incorporated in India. It is mainly engaged in the business of wholesale trading of goods and investment in shares & securities.

Meanwhile, global brokerage house Credit Suisse has neutral call on Reliance Industries with a target price at Rs 1,210 per share as it feels higher refining margins should offset petchem weakness.

The stock was quoting at Rs 1,201.15, up Rs 3.95, or 0.33 percent on the BSE at 1211 hours.

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