The Hindu : Business : 3.3 crore RNRL shares change hands on Monday

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Tuesday, Nov 27, 2007
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3.3 crore RNRL shares change hands on Monday

Special Correspondent

No intention to sell company shares, says Anil Dhirubhai Ambani group

NEW DELHI: The RNRL (Reliance Natural Resources Ltd.) portfolio on Monday witnessed 3.3 crore of its shares, worth over Rs. 525 crore, changing hands amid rumours that its promoters were looking to sell off some of their holdings. This speculation hit the bourses on the first trading day after the Mukesh Ambani group’s flagship company, Reliance Industries, said after the market-close on Friday last that it had sold 18.04 crore shares, amounting to a 4.01-per cent stake, of another group company Reliance Petroleum in open market transactions.

However, in a statement here the Anil Dhirubhai Ambani group on Monday stated that it had no intention to sell any shares in RNRL. No shares of RNRL had been sold, the company said.

“It is not our philosophy to sell shares in the open market without disclosure, at the cost of retail investors. In the interest of transparency, we will disclose sales on a daily basis, if ever made, even though longer timeframes are statutorily allowed by the Securities and Exchange Board of India,” the statement noted. According to information available with the bourses, over 2.26 crore RNRL shares were traded on the National Stock Exchange with a total turnover of Rs. 360 crore, while another 1.03 crore shares changed hands on the Bombay Stock Exchange with a value of Rs. 164 crore. Together, close to 3.3 crore shares of RNRL were traded on Monday on the two bourses with a collective turnover of close to Rs. 525 crore.

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