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INDIA BUSINESS WORLD - 1st May To 15th May - 2009
RIL BUYS US MAJOR CHEVRON'S 5% STAKE IN RPL FOR 1, 350 CR
RELIANCE Industries (RIL) has scaled up its shareholding in Reliance Petroleum (RPL) to 75.38% by purchasing US major Chevron's entire 5% stake for Rs 1350 crore.
RPL has informed the stock exchanges that RIL bought 22.50 crore shares from Chevron India Holdings for Rs 60 a share. ''The acquisition has been undertaken via inter-se transfer of shares amongst the promoters,'' RPL said in its filing. Chevron became a joint promoter of RPL by buying a 5% stake for $300 million three years ago with the option to scale up its holding to 29% in RPL. The transaction took place a month after RIL announced that it would buy Chevron's equity shares in RPL at the price the US firm paid three years ago, and would merge RPL with itself. The merger proposal has been approved by the equity shareholders of both companies. It is now waiting for the approval from the Bombay and Gujarat high courts.
RPL, a subsidiary of RIL, was created to execute the 5, 80,000 barrels of oil per day (bopd) export-oriented refinery in the special economic zone (SEZ) at Jamnagar. RPL commissioned the refinery in December 2008 and started commercial operation on March 15, 2009.
The RIL stock gained 3.8% to close at Rs 1802.70 on the BSE. The stock has gained 2.29% in the past one week and 18.94% in the past one month. The RPL stock gained 3.67% to close at Rs 111.65 on the BSE.
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