Anil Ambani offers to acquire 20% of Reliance Capital

Anil Ambani offers to acquire 20% of Reliance Capital

Days after the settlement between the two brothers of the Reliance Industries, Anil Ambani has made an open offer to acquire 20% of the Reliance Capital Limited at a share price of Rs. 231 each. He is aiming of acquiring more than 15% of the company’s equity following a preferential issue and his investment is going to cost around Rs. 2000 crores.

This offer of Rs. 231 per share is around 20% lower than the current value of the stock in the share market. Reliance Capital closed the trading day yesterday at a price of Rs 289.45 on the Bombay Stock Exchange. It had touched a high of Rs. 300 during the intra-day trading. This difference between the two values is expected to invoke a lukewarm response to the offer from the younger of the two Ambani brothers.

This offer comes on behalf of the AAA Enterprises Pvt Ltd which is a part of the recently unveiled Anil Dhirubhai Ambani Enterprises group and they plan to acquire around 5.14 crore shares in the Reliance Capital Limited. The offer opens on August 11 and closes on August 30.

The recent settlement between the two brothers say Mukesh Ambani taking control over the refining, oil, gas exploration, and chemicals companies. Anil Ambani is now managing the cell phones, power, and financial services of the original Reliance Industry Group.