Mukesh Ambani’s shareholding has not increased in company, says RIL

Reliance Industries (RIL) has said that promoter and chairman Mukesh Ambani has not acquired any new shares in the company, and that his stake has not increased.

Reliance was clarifying on reports Wednesday that said Ambani’s stake in the company has increased to 48.87% due to a scheme of arrangement.

The company said that there has been no transaction involving share purchases. About 41.28 crore treasury shares of RIL were held by Petroleum Trust (24.09 crore shares); and by subsidiaries of RIL (17.19 crore shares).

As a part of ongoing internal restructuring of RIL subsidiaries, five subsidiaries holding 17.19 crore shares have merged with Reliance Services and Holdings, a company controlled by Petroleum Trust.

“Petroleum Trust has been named as a promoter group entity since its inception in 2002. The sole beneficiary of Petroleum Trust is Reliance Industrial Investments and Holdings, a 100% subsidiary of RIL and hence the ultimate beneficiaries of these shares are the shareholders of RIL,” the company said.

Reliance Industries said that its earlier filing on the shareholding pattern with the regulatory authorities has always included Petroleum Trust as part of the promoter group.

“Since the 17.19 crore shares have come under the control of Petroleum Trust, requisite disclosure under the Takeover Regulations have been made by RSHL. Thus, this disclosure is only a re-categorisation of the existing treasury shares,” the company said in its clarification.