Mukesh Ambani raises stake in Reliance Industries to 48.87 per cent

Billionaire Mukesh Ambani has raised promoter stake in flagship Reliance Industries by 2.71 per cent to 48.87 per cent, 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 per cent 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.

Ambani and his private firms held 47.29 per cent stake as on June 30, 2019 in India’s second-most valuable company.

As on June 30, FIIs held 24.4 per cent stake in the firm, mutual funds had 4.56 per cent and insurance companies 7.1 per cent. 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.

Reliance Industries Limited (RIL)