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Reliance Industries fell 0.08% to Rs 994.05 at 9:45 IST on BSE after subsidiary Reliance Holding USA, Inc., announced the closing of the recently announced sale of its interest in EFS Midstream LLC to an affiliate of Enterprise Products Partners LP.
The company made announcement before market hours today, 9 July 2015.
Meanwhile, the S&P BSE Sensex was down 17.27 points or 0.06% at 27,670.45.
On BSE, so far 1.04 lakh shares were traded in the counter as against average daily volume of 4.5 lakh shares in the past one quarter.
The large-cap stock hit a high of Rs 1,001.45 and a low of Rs 992.70 so far during the day. The stock hit a 52-week high of Rs 1,049.90 on 9 September 2014. The stock hit a 52-week low of Rs 796.75 on 30 March 2015.
In a joint transaction announced on 31 May 2015, Reliance Holding and Pioneer Natural Resources Company agreed to sell their respective ownership interests (of 49.9% and 50.1%) in EFS Midstream LLC (EFS) to an affiliate of Enterprise Products Partners LP for an aggregate consideration of $2150 million.
The transaction closed yesterday, 8 July 2015, with the effective date for the transaction being 1 July 2015. Under the terms of the definitive agreements, Reliance Holding received gross cash consideration of $574 million towards the first tranche of sale proceeds. Following retirement of debt at EFS level and other adjustments customary for similar transactions, Reliance Holding received net proceeds of $528 million at the closing yesterday, 8 July 2015. The final tranche of payment of $499 million in cash is expected to be received on or before the first anniversary of the closing date.
On consolidated basis, Reliance Industries' net profit rose 8.5% to Rs 6381 crore on 34% decline in total income to Rs 69642 crore in Q4 March 2015 over Q4 March 2014.
RIL is a diversified firm having presence in oil exploration, petrochemicals, retail and telecom sectors.
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