Date:15/03/2006 URL: http://www.thehindu.com/2006/03/15/stories/2006031510751700.htm

Business

Mukesh moves to consolidate holding in RIL

MUMBAI: In a move that would help Mukesh Ambani consolidate his holding in Reliance Industries, his nine private companies, led by Bhumika Trading, have decided to acquire 13.13 per cent stake from 14 other group companies.

The transfer of 18.29 crore shares from 14 companies to eight will be done at one per cent above or below the closing price on the previous day or the ruling market price as applicable to a block deal on the day of acquisition, RIL said in a communication to the National Stock Exchange.

At present the promoter's direct holding in the company through Bhumika, Ekansha Enterprise, Eklavya Mercantile and Petroleum Trust stands at 20.38 per cent. The persons acting in concert with promoters, which include 14 companies, hold another 26.88 per cent stake in RIL. — PTI