Industry

Foreign funds raise stake in Reliance to record 27.2%

Foreign institutional investors’ holdings in Reliance Industries (RIL) rose to a record high of 27.2% in the quarter ended September 30, according to a regulatory filing by RIL.

The statement showed foreign portfolio investors holding 165.8 crore shares, or 25.2% of the total shareholding. In the previous quarter, foreign investors held 24.72%. Besides, qualified institutional buyers held another 2.05% stake at the end of September, taking the total to 27.2%.

In an investor note, JP Morgan said, “As has been the case now for two years, FIIs’ stakes in RIL hit new highs and increased by 60 bps quarter-on-quarter. Surprisingly, mutual funds’ (MFs) stake declined by 25 basis points (bps) and was the second straight quarter of stake decline,” it added.

The last time domestic MFs reduced their holding in RIL over two straight quarters was in 2016, it said, adding domestic MFs held 5.12% of RIL as of September 30, down from 5.37% in the previous quarter.

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Printable version | Dec 5, 2020 12:27:54 PM | https://www.thehindu.com/business/Industry/foreign-funds-raise-stake-in-reliance-to-record-272/article32922388.ece

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