RIL Steps In To Help RPL

Reliance Petroleum has given shareholders a staggering 200 per cent return over the last one year but suddenly it seems to be losing its steam. Almost 30 per cent down from its year high, no wonder that parent RIL has stepped in with some bold moves. RIL has offloaded 4.01 per cent equity in RPL and has sold Rs 18.04 crore equity shares of RPL for Rs 4050 crore. RIL''s stake in RPL has come down to 70.99 per cent post the stake sale.

This could increase liquidity in the RPL stock which has been in the F&O curb for over 2 weeks. The sale of shares has increased the free float of the stock which will give traders additional room to take fresh positions in RPL shares after the November series expires. Some analysts are asking that how RPL''s promoters managed to offload a four per cent chunk without informing exchanges. Some quarters of the market were also buzzing with news that Chevron could have picked up the stake. Most believe that shares were not sold in a chunk to a particular fund. Thus ruling out the possibility of a sale to Chevron.