Reliance Industries rose 0.53% to Rs 1,261.30 at 9:28 IST on BSE after the company through its indirect wholly-owned subsidiary has completed 76% stake sale in GAPCO to TOTAL.
The announcement was made after market hours yesterday, 29 March 2017.Meanwhile, the S&P BSE Sensex was up 70.06 points or 0.24% at 29,601.49.
On the BSE, 19,000 shares were traded on the counter so far as against the average daily volumes of 1.97 crore shares in the past one quarter. The stock had hit a high of Rs 1,266.20 and a low of Rs 1,254.05 so far during the day. It had hit a 52-week high of Rs 1,326.75 on 7 March 2017 and a 52-week low of Rs 925.70 on 23 May 2016.
The large-cap company has equity capital of Rs 3251.28 crore. Face value per share is Rs 10.
Pursuant to the sale agreements signed by Reliance Exploration & Production DMCC (REPDMCC), an indirect wholly owned subsidiary of Reliance Industries (RIL) and TOTAL, for the sale of the entire 76% interest held by REPDMCC in the Mauritius-incorporated Gulf Africa Petroleum Corporation (GAPCO), REPDMCC, TOTAL and GAPCO have obtained requisite regulatory approvals, consents and successfully completed the sale transaction.
GAPCO is a holding company with operating subsidiaries in Tanzania, Kenya and Uganda which are primarily engaged in petroleum product import, and trading, storage, distribution, marketing, supply and transportation of oil products in East Africa.
Since the acquisition of 76% equity interest in GAPCO by REPDMCC in 2007, GAPCO has significantly grown and is one of leading petroleum marketing company in East Africa owning retail outlets as well as onshore and offshore terminals.
REPDMCC's sale of its interest in GAPCO is pan of a joint transaction, wherein REPDMCC as well as the minority shareholder have sold their entire respective holdings in GAPCO for cash.
RIL's consolidated net profit rose 3.6% to Rs 7506 crore on 17.6% growth in net sales to Rs 79408 crore in Q3 December 2016 over Q3 December 2015.
Reliance Industries (RIL) is India's largest private sector company. RIL's activities span hydrocarbon exploration and production, petroleum refining and marketing, petrochemicals, retail and telecommunications.
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