Date:10/05/2006 URL: http://www.thehindubusinessline.com/2006/05/10/stories/2006051005250100.htm

Back LIC, SBI, Goldman Sachs hike stake in Reliance Petro

Our Bureau

Mumbai , May 9

Life Insurance Corporation of India (LIC), Goldman Sachs and State Bank of India (SBI), which have taken equity stakes in Reliance Petroleum Ltd (RPL) through the pre-IPO placement, have hiked their stakes in the Mukesh Ambani Group company by subscribing to the public offer.

According to the details of share allotments submitted to the stock exchanges, RPL said the FII stake in the company after the IPO stood at 7.01 per cent.

Goldman Sachs hiked its stake in RPL by 0.13 per cent (55 lakh shares) to 1.17 per cent by participating in the IPO, RPL said, in a notice to stock exchanges.

Among the Indian institutions, LIC subscribed to 35.75 lakh shares (0.08 per cent stake) through the IPO. Earlier, LIC had bought 1.5 per cent stake or 6.75 crore shares through the pre-IPO placements.

Shares of RPL, which completed the IPO allotments late last week, will be listed on the stock markets on Thursday.

The other institutions that participated in the public issue included SBI (Equity), which was allotted an additional 0.05 per cent or about 22.49 lakh shares through the IPO.

Another major fund Fidelity, which bought 1.67 per cent stake (7.5 crore shares) during the pre-IPO placement, however, did not participate in the IPO, sources said.

Fidelity is the third largest single stakeholder in RPL, after the joint venture partner Chevron (at 5 per cent).