Petroleum Trust, a promoter unit of Reliance Industries, is reported to have sold 10 million shares of RIL for a total of Rs2,125 crore (around $440 million). The shares were sold at Rs2,125 each - a discount of about 2.7 per cent to the scrip's closing price today - reports quoting market sources said.
Reliance Industries shares closed at Rs2,183.5 on the Bombay Stock Exchange today.
Petroleum Trust has the option to sell an additional 10 million shares that would take total proceeds to about $880 million, the report said.
Citigroup and Bank of America Merrill Lynch are reported to be handling the deal.
Petroleum Trust held 7.50 per cent stake in Reliance Industries and this was not widely considered part of the promoters' holdings before the merger of RIL and Reliance Petroleum.
Out of the promoter stake of 12.63 per cent, Reliance Industries holds 5.13 per cent while the Petroleum Trust, the "person acting in concert" has 7.50 per cent stake.