Reliance Industries announces sale of RIL shares by Petroleum Trust

Reliance Industries Ltd (RIL) has announced that Petroleum Trust sold 1,50,00,000 equity shares of the Company on September 17, 2009. Reliance Industrial Investments and Holdings Ltd, a wholly owned subsidiary of RIL, is the sole beneficiary of the Trust.

The sale of the said shares was executed on September 17, 2009 and will be settled on the stock exchanges.

The Trust will realize approximately Rs 3,188 crore, at an average price of about Rs 2125 per share. The shares are carried in the books at a cost of Rs 158 per share by the Trust. The financial impact will be reflected in the consolidated statements of the Company.

The stock was trading at Rs.2088.90, down by Rs.94.60 or 4.33%. The stock hit an intraday high of Rs.2204.45 and low of Rs.2070.25.

The total traded quantity was 11684823 compared to 2 week average of 949282.

Source : Equity Bulls

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