Reliance Industries has sold a little less than 1% stake for a sum of Rs 3,188 crore ($660 million), the company said in its notification to the Bombay Stock Exchange. Around 15 million shares were sold by Petroleum Trust, whose sole beneficiary is Reliance Industrial Investments and Holdings Ltd, a wholly owned subsidiary of RIL.
The shares were sold in the markets at Rs 2,125 apiece. At 12.25 pm today, RIL scrip was down by 4.79% at Rs 2,079 and touched a low of Rs 2,070. The shares are carried in the books at a cost of Rs 158 per share by the Trust, the statement added. The financial impact will be reflected in the consolidated statements of the company.
Citigroup and Bank of America Merrill Lynch were bankers to the deal.