Reliance Industries Ltd.'s board has approved reducing the equity share capital held by non-promoter shareholders in its retail arm, Reliance Retail Ltd.
The company will reduce equity share capital held by shareholders other than its promoter and holding company, Reliance Retail Ventures, the Mukesh Ambani-owned conglomerate said in an exchange filing on July 7.
Upon reduction, the shares held by such shareholders will stand cancelled and extinguished, the company said. The oil-to-telecom conglomerate will pay Rs 1,362 per share towards the capital reduction, it said.
Shares of Reliance Industries fell 0.20% to close at Rs 2,633.6 per share, compared with a 0.85% decline in the benchmark Nifty 50.
Of the 38 analysts tracking the stock, 33 maintained 'buy', three suggested 'hold', and two recommended a 'sell'. The average 12-month consensus price target implies a potential upside of 6.2%, according to Bloomberg.
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