RIL Cap sells Reliance Energy stake

Anil Ambani Group firm Reliance Capital on Monday sold its entire stake in another group company Reliance Energy to other promoters in a block deal on the bourses, booking profits of about Rs 350 crore (Rs 3.5 billion).

Reliance Capital, the financial services arm of ADAG, sold over 1.3 crore (13 million) shares, representing 5.79 per cent stake in Reliance Energy, market sources said.

REL shares were trading at Rs 549 in afternoon trade at the BSE, up 7.4 per cent from the previous close of Rs 511.30.

Shares of RCL were trading nearly four per cent higher at Rs 941, after hitting a life-time high of Rs 946.40 earlier in the day.

At the current price, the deal size amounts to about Rs 725 crore (Rs 7.25 billion). Sources close to RCL also confirmed the deal.

Besides Reliance Capital, the other promoters of Reliance Energy include AAA Project Ventures, Reliance Innoventures, Hansdhwani Trading Company and members of Ambani family.

The promoter holding in ADAG's power utility venture stands at about 35 per cent or 7.87 crore (78.7 million) shares.