Mukesh Ambani raises stake in flagship Reliance Industries by 2.71% to 48.87%

New Delhi: Billionaire Mukesh Ambani has raised promoter stake in flagship Reliance Industries by 2.71 percent to 48.87 percent, according to a regulatory filing by the company. Reliance Services and Holdings Ltd, controlled by promoter group firm Petroleum Trust, acquired 17.18 crore shares or 2.71 percent stake in Reliance on 13 September, it said. [caption id=“attachment_4310725” align=“alignleft” width=“380”] File image of RIL chairman Mukesh Ambani. Courtesy - Reliance Jio[/caption] The acquisition was pursuant to a scheme of arrangement not directly involving Reliance, the filing said without giving details. Ambani and his private firms held 47.29 percent stake as on 30 June, 2019 in India’s second-most valuable company. As on 30 June, FIIs held 24.4 percent stake in the firm, mutual funds had 4.56 percent and insurance companies 7.1 percent. The remaining share was with public. Earlier in July, Reliance had announced a composite scheme of amalgamation by merging Reliance Holding USA into Reliance Energy Generation and Distribution and the latter with the company itself. (Disclosure - Reliance Industries Ltd. is the sole beneficiary of Independent Media Trust which controls Network18 Media & Investments Ltd)