Promoters of RIL raise stake close to 50%

The promoters of Reliance Industries Ltd (RIL) have stepped up their stake in the company close to 50 per cent by raising it 0.12 per cent in the second quarter of 2006-07 through open market acquisitions.

The promoters have bought around 16.72 lakh shares from the open market since July, taking their holding in the company to 49.95 per cent. Going by the RIL market price, the cost of acquisition is around Rs 190 crore.

The promoters had stepped up their holding by over 2 per cent since the beginning of the financial year. From 47.90 per cent on March 31, the promoters' stake rose to 49.83 on June 30.

"Over all, the promoters have bought 2.02 per cent between May 15 and September 25 from the market. At present, they hold 49.95 per cent in the company," a Reliance spokes person said.

As on June 30, non-promoters holding was 46.15 per cent while shares held by custodians against which depository receipts were issued stood at 4.02 per cent.