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Reliance Raises $763M In Block Deal, Eyeing Buy

By Reuters

  • 11 Jan 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.

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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.

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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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