Ambani raises stake in Reliance Industries to 48.87 pc

Billionaire Mukesh Ambani has raised promoter stake in flagship Reliance Industries by 2.71 percent to 48.87 percent, according to a regulatory filing by the company. Reliance Services and Holdings Ltd, controlled by promoter group firm Petroleum Trust, acquired 17.18 crore or 2.71 percent stake in Reliance on September 13, it said.

The acquisition was pursuant to a scheme of arrangement not directly involving Reliance, the filing said without giving details. Ambani and his private firms held 47.29 percent stake as of June 30, 2019, in India's second-most valuable company.

As on June 30, FIIs held a 24.4 percent stake in the firm, mutual funds had 4.56 percent and insurance companies 7.1 percent. The remaining share was with the public. Earlier in July, Reliance had announced a composite scheme of amalgamation by merging Reliance Holding USA into Reliance Energy Generation and Distribution and the latter with the company itself.