The Reliance group increased its stake in power utility BSES through the creeping acquisition route to 40.29 per cent from 38 per cent in June this year through market purchases.
BSES today informed the Bombay Stock Exchange that Reliance Power Ventures, Reliance Industries and persons acting in concert had bought around 3.26 million shares (2.37 per cent of its equity) and sold 4,874 shares between April 1, 2002, and September 17, 2002.
Financial institutions have the second largest shareholding, with a combined holding of 36.86 per cent in BSES.
The move comes after Reliance chairman Mukesh Ambani issued a statement saying the group would like to increase its shareholding in BSES.
The two companies are exploring the possibility of transferring some of Reliance's power ventures to BSES. The latter has agreed in principle to take over Reliance's 48 mw project in Goa and the 500 mw Jamnagar unit.
Until 2000, the Reliance group held around 14 per cent in BSES. It subsequently made a 20 per cent open offer, but mopped up only about 11 per cent from non-institutional shareholders because the financial institutions did not participate.
Despite being the largest shareholder in BSES, Reliance has allowed the power firm to be run professionally, though it refers to it as a group company.
At present, Reliance has only two directors on the BSES board, neither of them an Ambani.
