Reliance Industries shares jump nearly 3 per cent on reports of Aramco in advanced talk to pick 20% stake in company
The shares of the company surged to Rs 2,202 per share, also a day’s high level, on the BSE intraday trade on Monday.
The shares of Reliance Industries jumped nearly 3 per cent after a report suggested that Saudi Aramco is in advanced talks to acquire a roughly 20 per cent stake in Reliance Industries Ltd's oil refining and chemicals business for about $20 to $25 billion. The shares of the company surged to Rs 2,202 per share, also a day’s high level, on the BSE intraday trade on Monday.
A Reuters report, quoting Bloomberg, on Monday said that Saudi Aramco will pick up a 20 per cent stake in Reliance Industries and the company is in advanced talks with RIL for the same.
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Reliance announced a sale of a 20 per cent stake in its oil-to-chemicals business to Aramco for $15 billion in 2019, but the deal stalled after oil prices and demand crashed last year amid pandemic, the report of Reuters further said.
The stock of RIL, in the last five sessions, has outperformed the benchmark indices by gaining 5.5 per cent, as compared to a 2.2 per cent rise in the S&P BSE Sensex. The counter had hit its 52-week high on September 16, 2020 to Rs 2368.8 per share on the BSE.
The scrip around 02:12 pm was trading over 1.5 per cent higher to Rs 2178.5 per share as compared to 0.28 per cent rise in the S&P BSE Sensex. A combined 7.8 million equity shares had changed hands on the counter on the NSE and BSE at the time of writing this report.
Similarly, the Nifty heavyweight, on Friday had announced that Reliance Jio Infocomm (Jio) has concluded the definitive agreement entered with Bharti Airtel for acquisition of right to use spectrum in the 800MHz band in Andhra Pradesh (2 x 3.75 MHz), Delhi (2 x 1.25 MHz) and Mumbai (2 x 2.5 MHz) circles through spectrum trading, which has been taken on record by DoT.
Jio has paid total consideration of Rs 1,183.3 crore (inclusive of taxes) to Bharti Airtel and has assumed deferred payment liability with net present value of Rs 469.3 crore.
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