Finance Resources
Investment Planning
Stock Market
Futures & Options
Mutual Funds
Home » Finance Current Affairs » Reliance Adds Funds to Aid Drilling Effort

Reliance Adds Funds to Aid Drilling Effort

Current Affairs

HTML clipboard

MUMBAI -- Reliance Industries Ltd. raised about 31.88 billion rupees ($662 million) via a share sale, as it seeks to generate funds to expand its oil-and-gas exploration globally.

A total of 15 million treasury shares, held via the Petroleum Trust, were sold at 2,125 rupees apiece, the nation's largest company by market value said in a statement to the Bombay Stock Exchange on Thursday.

Reliance, controlled by billionaire Mukesh Ambani, plans to begin drilling wells in Kurdistan, Oman and East Timor over the next six months as part of a strategy to spread risk across a number of exploration blocks globally, its executive director, P.M.S. Prasad, had said Sunday.

The move comes as Reliance is embroiled in a three-year legal dispute with Reliance Natural Resources Ltd., run by Mukesh's younger brother, Anil Ambani, over the price of natural gas from a block off India's east coast.

Reliance Industries also is looking at partly selling stakes in some of its blocks in Kurdistan, Oman and Colombia, Mr. Prasad had said.

"This [share sale] is an effort by the company to monetize a part of the 198 million shares that are held by them as treasury stock," said M. Saeed Jaffery, a research analyst at Mumbai brokerage Ambit Capital.

Shares of Reliance slid on news of the share sale, closing down 4.4% at 2,086.35 rupees against the benchmark Sensex's 0.2% gain.

The shares have underperformed the Sensex by about 8.6% over the past three months.

"I think the markets are perhaps circumspect that treasury holdings are being diluted at these levels," said Deven Choksey, managing director at K.R. Choksey Securities, a Mumbai brokerage.

The sale price was a 2.7% discount to Wednesday's close.

DSP Merrill Lynch Ltd. and Citigroup Global Markets India Pvt. Ltd. acted as joint arrangers for the sale, the company said.

More Current Affairs
1 2 3 4 5 6 7 8 9 10 11 >> Next

put comment
Domain Registration | Windows Hosting | Linux Hosting | Java Hosting | Virtual Dedicated Server | Dedicated Server | Reseller Web Hosting | Unlimited Windows reseller hosting | Unlimited Linux reseller hosting | Cheap Windows reseller hosting | Cheap Linux reseller hosting | Cheap Windows hosting | Best Windows hosting | Windows hosting Multiple Domains | Unlimited Windows hosting | Compare hosting plans | Cheap Linux hosting | Best Linux hosting | Linux hosting Multiple Domains | Unlimited Linux hosting | Cheap asp.net hosting | Best asp.net hosting | unlimited asp.net hosting | Cheap asp.net reseller hosting | Unlimited asp.net reseller hosting | Java Features | Cheap Java hosting | Best Java hosting | unlimited Java Hosting | Unlimited Linux reseller hosting | Java Hosting Multiple Domains| | Matargashti Full Song | Matargashti mp3 Download | Matargashti Video Download | Matargashti Song Tamasha | Prem Ratan Dhan Payo Songs Download | Prem Ratan Dhan Payo Songs mp3 Download | Prem Ratan Dhan Payo Songs Video Download | Pinga Song Download | Pinga Full Song mp3 Download | Pinga Song mp3 Download | Pinga Song Video Download | Latest Bollywood Updates | Bollywood Updates | Prem Ratan Dhan Paayo Songs Download|
© ProfitGuruOnline-2023. All Rights Reserved.