No rise in Ambani's stake, subsidiaries' shares merged with RSHL: RIL

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SME Times News Bureau | 19 Sep, 2019
Denying reports of rise in Mukesh Ambani's stake in Reliance Industries (RIL), a company spokesperson has said that under the ongoing restructuring of RIL's subsidiaries, five subsidiaries holding 17.19 crore shares have merged with Reliance Services and Holdings Limited (RSHL), a company controlled by Petroleum Trust.

Petroleum Trust is a promoter group entity since its inception in 2002. The sole beneficiary of Petroleum Trust is Reliance Industrial Investments and Holdings Limited (RIIHL), a 100 per cent subsidiary of RIL and hence the ultimate beneficiaries of these shares are the shareholders of RIL.

"There has been no transaction of purchase of shares. 41.28 crore treasury shares of RIL were held as follows by (a) by Petroleum Trust 24.09 crore shares; and (b) by subsidiaries of RIL 17.19 crore shares. As a part of ongoing internal restructuring of RIL subsidiaries, 5 subsidiaries holding 17.19 crore shares have merged with Reliance Services and Holdings Limited (RSHL), a company controlled by Petroleum Trust," the RIL spokesperson said.

The spokesperson added that since the 17.19 crore shares have come under the control of Petroleum Trust, requisite disclosure under the Takeover Regulations have been made by RSHL.

"Thus this disclosure is only a re-categorisation of the existing treasury shares. No new shares have been acquired and Mukesh Ambani's stake in RIL has not gone up."

The clarification comes as reports suggested that Mukesh Ambani increased his stake in RIL after Reliance Services and Holdings, an Ambani firm, acquired 17.18 crore equity shares, or 2.71 per cent stake on September 13.