Anil Ambani, 6 others raise stake in REL

Seven promoters of Anil Ambani group's Reliance Energy, including the billionaire businessman himself, have raised their stake in the company by 2.37 per cent to 35.66 per cent.

According to a disclosure filed with the bourses, the promoters purchased 56.15 lakh shares in REL between May 14, 2007 to January 22, raising their holding to 8.43 crore shares or 35.66 per cent.

The transaction was done through creeping acquisition of shares from the open market.

The acquirers included AAA Project Ventures (promoted by Anil Ambani and KD Ambani Trust), Anil Ambani, his wife Tina, sons Jaianmol and Jaianshul, Kokila Ambani and Reliance Innoventures Pvt Ltd.

Based on an average price of about Rs 1,113 during this period, the acquisition is estimated to be worth about Rs 625 crore (Rs 6.25 billion).

Before this transaction, the stake of these promoters stood at 33.29 per cent.

Shares of the company were trading at Rs 2,000 per share, up 10.14 per cent in the afternoon trade on BSE.

Earlier on January 20, the company had said that AAA Project Ventures would acquire 4.3 crore warrants, convertible into an equivalent number of shares, for nearly Rs 7,835 crore (Rs 78.35 billion).

Upon conversion of the warrants, AAA Project Ventures' stake in Reliance Energy could increase to 52.22 per cent.