Mukesh Ambani to raise stake in Reliance Industries

Mukesh Ambani to raise stake in Reliance Industries

Reliance Industries chief Mukesh Ambani has revealed his decision to increase his stake in the company. Reliance Industries is the country’s most valuable company and this would enable him to remain the majority shareholder.

Reliance’s board of directors has approved the required issue of 120 million warrants which are convertible into an equal number of shares.

Ambani along with his associates now own 50.62 percent of the company as per the details released by the Bombay Stock Exchange.

Reliance Industries also announced their plans to invest $3 billion on building a chemical plant near its refinery in western India. This further expands their total investments in the past year to an astounding $13 billion.

Market analyst R.K. Gupta spoke about the company: “Reliance has huge investment plans and may raise funds by selling shares in the company. Mukesh Ambani probably wants to ensure his holding in the company doesn’t fall below 50 percent after any such sale.”