In a announcement made to the BSE, Reliance Industries Ltd (RIL) has informed that the promoters of the company have hiked their stake from 44.80% to over 49% at the end of the third quarter.
Disclosing the information, RIL stated that the promoters had purchased 12 crore shares during the period between September and December last year. As of now, the promoters hold 49.03% stake in the company. The shareholding as of December 31,2008 is, FII 24.55%, others 22.70% (total non promoters 47.2%) while rest 3.72% is held by custodian and against which depository receipts have been issued.
Mukesh Ambani’s stake hike Financing ?
Even if you consider mere Rs 1,250 / share as weighted average at which Mukesh Ambani has bought 12 crore shares of RIL, he requires a whopping 15,000 crore [$3 bn]. I am not quite sure on how Mr. Mukesh Ambani managed to finance this deal when he is also building a billion dollar home and investing in his personal capacity in other ventures without known source of income.
Here is a report on Ambani’s Investment and Filings which is currently under a private eye :-). Do let us know if you have any idea on How Mukesh Ambani managed this billion dollar purchase. Is there any Money Laundering, Havala, etc involved ?
The pdf link is not working