Reliance Industries dubious shares selling

Rajesh Brijwasi · #1 29th November 2007, 07:41 PM

Hi Friends,

Have you read todays DNA Money,Mumbai editionn (29th Nov'2007)

Reliance Industries is cheating on small retail investors like us.
On Friday, Reliance Industries (RIL) undertook the biggest stock market operation by an Indian company when it offloaded a 4.01% stake in its 75% subsidiary Reliance Petroleum (RPL) for Rs 4,203 crore.

For one, it's still not clear whether RPL shares were sold to small investors or private equity firms
I think that SEBI should get to the root of the matter & announce punitive action at the earliest

Rajesh Brijwasi

rajaram.dilipkumar · #2 5th December 2007, 12:03 AM

Quote:

Originally Posted by Rajesh Brijwasi

Hi Friends,

Have you read todays DNA Money,Mumbai editionn (29th Nov'2007)

Reliance Industries is cheating on small retail investors like us.
On Friday, Reliance Industries (RIL) undertook the biggest stock market operation by an Indian company when it offloaded a 4.01% stake in its 75% subsidiary Reliance Petroleum (RPL) for Rs 4,203 crore.

For one, it's still not clear whether RPL shares were sold to small investors or private equity firms
I think that SEBI should get to the root of the matter & announce punitive action at the earliest

Rajesh Brijwasi

there is news doing rounds that RIL is likely to purchase 5% stake in rpl from chevron at Rs.72(inclusive of Rs.12 as interest). If that news is also true then chevron should be the biggest fool in the entire planet as no one will sell a stake that is four times more expensive in the market . I think one more open market operation from RPL promoter - chevron should be on the cards as chevron will not sell its stake in RPL to RIL at any price lesser than the market price and RIL will not agree with any price other than the contract price...

sujit_76 · #3 5th December 2007, 06:55 AM

RPL shares were sold in the open market to inject further liquidity and to enable it to come out from F&O curb. It did exactly that. RPL was the first nifty stock which was under curb and hence nobody was able to do nifty basket purchase since RPL was under curb.

hellraiser_huss · #4 10th December 2007, 06:24 PM

Chevron had bought 5% stake in RPL last year with an option of increasing the stake to 29% this year. But the clause also included that if Chevron didn't increase the stake, then it has to sell back the 5% stake to RIL @ 60rs!!....

So MukeshBhai has played his hand perfectly..... he has simply jacked up the price of RPL to 300 so that Chevron wont be interested in increasing the stake.... and they would have to give it to RIL @ 60rs....

WHILE RIL SOLD THE STAKE @ 300rs!!!.... MAKING A COOL PROFIT OF 250 BUCKS APPROX.!!!"

They have basically Fu**** Chevron in the bargain....

Afterall.... RIL is RIL....and AMBANIS are AMBANIS....

swagat86 · #5 11th December 2007, 01:41 AM

:d :d