MUMBAI Jan 7 Energy major Reliance Industries
(RELI.BO) may sell existing shares to institutions to raise
about 26.75 billion rupees ($588 million) over the next few
weeks, the Business Standard newspaper said, citing unnamed
Reliance on Monday raised $577 million through a share
sale, the second big equity fund raising in under four months
for India's largest listed company as it looks to buy bankrupt
petrochemicals firm LyondellBasell. [ID:nSGE60304C]
Analysts and dealers have said the company may look to
raise more funds through another share sale.
Reliance may sell the shares at a discount of 2-4 percent,
and bankers had started talks with institutions, the Business
Standard said, citing two unidentified investment bankers.
Shares in Reliance closed at closed at 1,088.80 rupees on
A spokesman for Reliance declined to comment.
(Reporting by Pratish Narayanan; Editing by Surojit Gupta)