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Reliance raises stakes in BSES, L&T

Reliance Industries Ltd, India's second largest private sector company by sales, has raised its stake in power utility firm BSES and in cement, engineering and construction firm Larsen & Toubro, newspapers said on Tuesday.

The Economic Times, quoting from Reliance's annual report, said the company had raised its stake in BSES to 29.68 per cent from 26.68 per cent for Rs 760 million through open market purchases by wholly-owned subsidiary Reliance Power Ventures.

The paper said Reliance had acquired the stake over the past eight months at an average price of about Rs 195 per share.

BSES shares were up 1.41 per cent at Rs 193.45 at the Bombay Stock Exchange in Tuesday morning deals while the Sensex was up 0.39 per cent.

A Reliance spokesman said he could not immediately confirm the newspaper reports.

The Business Standard newspaper, also citing the annual report, said Reliance had raised its stake in L&T to 2.87 per cent from 0.38 per cent.

It said the Reliance group's holding in L&T would be higher after including Reliance Industrial Investments & Holdings' stake of 3.74 per cent and Reliance Capital's stake which was not available.

Reliance is the second largest shareholding group in L&T, the paper said.

L&T shares were down 0.2 per cent at Rs 240.15 on the Bombay Stock Exchange in morning deals.

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