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| R-Cap exits RIL; sells shares worth Rs 130 cr |
| Press Trust Of India / Mumbai Jul 06, 2009, 00:43 IST |
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 Anil Ambani group firm Reliance Capital has exited Mukesh Ambani-led Reliance Industries by offloading an investment worth Rs 129.88 crore in the shares of the country’s most valued firm.
However, R-Cap continues to hold a little over 1 per cent stake in another Mukesh Ambani group firm, Reliance Industrial Infrastructure Ltd (RIIL).
Incidentally, another Anil Ambani group firm, RNRL, is engaged in a legal battle with RIL and both entities have approached the Supreme Court in last two days on a judgement by Bombay High Court on a gas supply dispute between them.
The disclosures about the sale of RIL shares, as also the continuing investment in RIIL, shares have been made in the annual report of R-Cap for the fiscal 2008-09. The report is being sent to shareholders ahead of its Annual General Meeting on July 21.
At the end of 2008-09, R-Cap’s holding of RIL shares was nil against 74,85,295 shares valued at Rs 129.88 crore as on March 31, 2008. These shares account for just about 0.5 per cent of Mukesh Ambani group’s flagship company, but at the current market price of Rs 2,025.85 a share, it would have been worth over Rs 1,500 crore.
As per its balance sheet, RIL is the only listed company whose equity shares were fully offloaded by R-Cap in 2008-09.
However, Reliance Capital continues to hold 160,100 equity shares of RIIL valued at Rs 50 lakh as on March 31, 2009.
R-Cap’s holding accounts for a 1.06 per cent stake in RIIL, which at the current market price of Rs 984.90 a share would be worth about Rs 15 crore.
While it fully offloaded RIL shares in 2008-09, R-Cap acquired shares of companies like Unitech, Hindalco, OnMobile Global and EIH Ltd during the year.
Other companies where R-Cap has equity share investments include group firms like RCOM and RNRL, PSUs like SBI and MTNL as also media and entertainment firms like IBN 18 Broadcast, INOX LeIsure, Network 18 Media & Investments and TV Today.
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