Reliance Industries Promoters Raise Stake To 50% After Rs 9,000 Crore Creeping Acquisition
Promoter holding rose from 49.52% in March to 50% at the end of June after purchases during the first quarter.
Reliance Industries Ltd.'s promoter group increased its stake in the company to 50% during the June quarter after acquiring shares worth about Rs 9,000 crore through a creeping acquisition.
The company's latest shareholding pattern showed promoter ownership rose from 49.52% at the end of the March quarter. The increase reflects purchases made during the first quarter and takes the promoters' holding to the 50% mark.
The disclosure also showed the promoter group now comprises 47 entities, up from 46 in the previous quarter. Sikka Ports & Terminals Ltd. appeared as a promoter group entity in the June filing. Apart from the increase in promoter ownership, the filing did not indicate any other material change to the promoter shareholding structure.
A creeping acquisition is a route available under the Securities and Exchange Board of India's takeover regulations that allows an existing promoter to gradually increase ownership through market purchases without triggering an open offer. The provision is available to promoters who already hold at least 25% of a listed company and permits them to acquire up to an additional 5% of voting rights in a financial year, subject to the prescribed conditions.
Such acquisitions are typically executed through purchases on the secondary market rather than through preferential allotments or negotiated block deals. Companies disclose the resulting changes through their quarterly shareholding pattern filings.
Source: NDTV Trending
