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Reliance Raises $763M In Block Deal, Eyeing Buy

11 January, 2010

VCCircle Adds – This is the third stake sale by Petroleum Trust in RIL, which has raised a total of $2.05 billion. Post this, the total stake held by Petroleum Trust has fallen to 3.67% and is valued at $2.78 billion.

Original Story

Energy major Reliance Industries Ltd raised $763 million through a block sale of 33 million shares on Monday, the India country head of UBS said on Monday.

Manisha Girotra also said the share sale at 1,050 rupees each would be the last of block trades by the company for a while. UBS was the sole arranger for the trade.

Reliance, which is bidding for bankrupt LyondellBasell Industries, had previously sold treasury shares to state-owned insurer Life Insurance Corp of India raising $577 million last week.

A source told Reuters last week Reliance had sweetened its offer to buy a controlling stake that valued LyondellBasell at $13.5 billion.

Shares in Reliance, valued by the market at $79.3 billion, were trading down 1.3 percent at 1,088.20 at 0353 GMT, after sliding as much as 4.8 percent after the block deal.


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Reliance Raises $763M In Block Deal, Eyeing Buy

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