Billionaire Mukesh Ambani has raised promoter stake in flagship Reliance Industries by 2.71% to 48.87%, according to regulatory filing by the company.
Reliance Services and Holdings Ltd, controlled by promoter group firm Petroleum Trust, acquired ₹17.18 crore or 2.71% stake in Reliance on September 13, it said.
The acquisition was pursuant to a scheme of arrangement not directly involving Reliance, the filing said without giving details. Mr. Ambani and his private firms held 47.29% stake as on June 30, 2019 in India’s second-most valuable company.
As on June 30, FIIs held 24.4% stake in the firm, mutual funds had 4.56% and insurance companies 7.1%. The remaining share was with public.
Earlier in July, Reliance had announced a composite scheme of amalgamation by merging Reliance Holding USA into Reliance Energy Generation and Distribution and the latter with the company itself.
