Reliance Petroleum May Dilute 15-20% Stake To Private Equity And Hedge Funds For $2 Billion
This will be India’s biggest private equity deal ever if it happens. According to a report in Business Standard, India’s largest private sector company Reliance Industries is learnt to be talking to a clutch of private equity players and hedge funds to offload about 15-20 percent stake in its wholly owned subsidiary Reliance Petroleum. Analysts said the deal could yield nearly $2 billion (around Rs 9,000 crore).
The India chief of a foreign private equity fund confirmed his firm was in talks with RIL. He added that hedge funds had also shown interest in acquiring stakes in RPL. But an RIL spokesperson said he was unaware of any such plan. Analysts said the move was aimed at creating value for RIL shareholders as the fund, to be raised from the planned sale of stake, would be ploughed back into the company’s balance sheet. (Via Business Standard)
