Reliance says Mukesh Ambani’s Shareholding has Not Increased in Company

Reliance ind

Reliance Industries on Thursday clarified that promoter and chairman Mukesh Ambani has not acquired any new shares in the company and that his stake has not increased.

This statement comes after the company had on September 17 through a ‘Disclosure under Reg/29(2) of Sebi (SAST) Regulations, 2011’ said that Reliance Services and Holdings Ltd (controlled by Petroleum Trust – a part of promoter/promoter group) has acquired 17.18 crore or 2.71 per cent stake in the company “pursuant to a scheme of arrangement not directly involving the target company (Reliance)”.

“The aggregate shareholding/voting rights of the Promote and Promote Group now stands at 309.8 crore shares – 48.87 per cent,” it had said.

The company’s filing to stock exchanges for the shareholding pattern for the quarter ended June 30, 2019, showed promoter group holding at 47.29 per cent.

The company in an emailed statement said: “There has been no transaction of purchase of shares”.

It said: “41.28 crore treasury shares of Reliance Industries 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 an ongoing internal restructuring of RIL subsidiaries, 5 subsidiaries holding 17.19 crore shares have merged with Reliance Services and Holdings Ltd (RSHL), a company controlled by Petroleum Trust,” it said.

Petroleum Trust has been named as a promoter group entity since its inception in 2002.

“The sole beneficiary of Petroleum Trust is Reliance Industrial Investments and Holdings Ltd (RIIHL), a 100 per cent subsidiary of RIL and hence the ultimate beneficiaries of these shares are the shareholders of RIL,” it said. “RIL’s filings on the shareholding pattern with the regulatory authorities have always included Petroleum Trust as part of the promoter group.”

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“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,” it added. PTI ANZ

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