Ambani raises stake in Reliance Industries to 48.87 pc

September 18, 2019 15:02

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 shares 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. -- PTI

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