RIL raises Rs 26 bn from share sale to LIC

Reliance Industries Ltd raised Rs 26 billion ($559.5 million) by selling 25 million shares at a 5 per cent discount to Life Insurance Corp of India, two sources with knowledge of the deal said on Monday. The sale of existing treasury shares comes as energy-based conglomerate Reliance Industries, India s largest listed firm, looks to buy bankrupt petrochemicals firm LyondellBasell in a deal sources say could be worth as much as $12 billion. Reliance, which is controlled by India s richest man, Mukesh Ambani, and has interests in petrochemicals, refining, oil and gas exploration and retail, had raised $660 million in a ...

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