Reliance Industrial Investments and Holdings Limited (RIIHL) has become the promoter entity of Reliance Industries Limited, following the acquisition of a 3.56% stake in Petroleum Trust, another promoter entity, according to exchange filings. The shares were obtained through an off-market transaction.
Petroleum Trust, a part of the promoter group of the target company, has distributed its holdings. Following this distribution, RIIHL is now recognized as a member of the promoter group. This shift does not affect the overall shareholding percentage of the promoter and its group in RIL, which remains constant before and after RIIHL’s acquisition.
The company has a market capitalization of ₹1.71 trillion. Over the past one year, RIL has given a 4.8% return to investors, while Nifty 50 Index gained 10.6%.
Meanwhile, group company Jio Financial Services share price was locked at 5% lower circuit for the third consecutive session on Wednesday after a tepid listing on Monday.
On 22 August, Life Insurance Corporation of India (LIC), the state-run insurance behemoth acquired 6.66% shareholding in Jio Financial Services Ltd. (JFSL).
This acquisition, facilitated through the demerger of a non-banking financial entity, equated to 4.68% of the pre-demerged value of Reliance Industries, according to a company announcement on July 19.
As of 30 June 30, LIC’s holdings in Reliance Industries amounted to 6.49%.
In midday trade, RIL shares saw a slight uptick at ₹2,529 on the NSE.