Reliance Industries sells 4.01% of RPL's equity for Rs 4,023 crore to maximize overall shareholder value

Reliance Industries Ltd (RIL) has announced that the Company has sold 18.04 crore equity shares, representing 4.01% of the equity share capital of Reliance Petroleum Ltd (RPL) out of its' holding of 75%. The aggregate sale consideration is Rs 4,023 crore.

After this sale, the shareholding of RIL in RPL is 70.99%.

RPL made an offering in May 2006 for 20% of its' equity represented by 90 crore shares. This offering was the most successful IPO until then with overall demand exceeding USD 32 billion.

The sale of RPL shares was conducted by transactions through the Stock Exchanges and has helped to further broad base the shareholding pattern of RPL. The number of shareholders of RPL has increased from 12 lac shareholders at the time of IPO to 16 lac.

The sale of shares monetizes only a very small portion of RIL's holding in RPL.