RIL raises $763 mn, keen on LyondellBasell buy

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RIL sells 33 mn shares, raises $763 mn
Mumbai, Jan 11: In what is being seen as the company's step towards buying the LyondellBasell Industries, Reliance Industries on Monday, Jan 11 raised 763 million dollars through a block sale of 33 million shares.

In the last block trades by the energy major for a while, the shares were sold at a price of Rs 1,050 each, informed Manish Girhotra, India country head of UBS.

Last week, the Mukesh Ambani-led company sold treasury shares to state-owned insurer Life Insurance Corp of India raising 577 million dollars.

Reliance Industries, which is bidding for bankrupt LyondellBasell Industries, has reportedly raised its bid to buy a controlling stake to a price of 13.5 billion dollars.

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