Reliance Industries (RIL) has raised over Rs 2,587 crore through sale of 2.5 crore treasury stocks of the company.
The company has sold 2.5 crore shares in the open market at an average price of Rs 1,035 a piece to Life Insurance Corporation (LIC), sources close to the development said.
A formal announcement by the company is expected anytime, sources added.
Treasury stock refers to shares of a company which are not issued to the public, as some are kept in the company's treasury to be used to create extra cash when needed.
The country's largest private sector firm had last year raised around Rs 3,188 crore rough sale of 1.50 crore treasury shares.
Shares of RIL were trading at Rs 1,074.65 on BSE in morning trade, down 1.46 per cent over the previous close.
You’ve reached your limit of {{free_limit}} free articles this month.
Subscribe now for unlimited access.
Already subscribed? Log in
Subscribe to read the full story →
Smart Quarterly
₹900
3 Months
₹300/Month
Smart Essential
₹2,700
1 Year
₹225/Month
Super Saver
₹3,900
2 Years
₹162/Month
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app