RIL Share Rises over 2% as firm hives off Oil-To-Chemical Business

RIL Share Rises over 2% as firm hives off Oil-To-Chemical Business

Reliance Industries Ltd RIL share rises over 2% in early trade after the Mukesh Ambani-led conglomerate announced the demerger of its O2C.

Reliance Industries Ltd RIL share rises over 2% in early trade after the Mukesh Ambani-led conglomerate announced the demerger of its O2C (oil-to-chemical) business into a wholly owned subsidiary. The large cap stock touched an intraday high of Rs 2,049.95, rising 2.12% on BSE.

The large cap stock has gained 37.49% in one year and risen 2.91% since the beginning of this year. Market cap of the firm rose to Rs 12.95 lakh crore on BSE. The RIL share rises has sought shareholder and creditors’ approval on plan to demerge its O2C business.

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Reliance Industries Ltd (RIL) share rose over 2% in early trade after the Mukesh Ambani-led conglomerate announced the demerger of its O2C (oil-to-chemical) business into a wholly owned subsidiary. The large cap stock touched an intraday high of Rs 2,049.95, rising 2.12% on BSE.

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The large cap stock has gained 37.49% in one year and risen 2.91% since the beginning of this year. Market cap of the firm rose to Rs 12.95 lakh crore on BSE. The company has sought shareholder and creditors’ approval on plan to demerge its O2C business.

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“Reorganisation will be beneficial to all stakeholders of RIL — management control of O2C continues with RIL, existing O2C operating team moves with the transfer of business, no dilution of earnings or any restriction on cash flows, and retaining of its international and domestic AAA credit ratings,” .

It will enhance efficiencies through self-sustaining capital structure and a dedicated management team, it said, adding the demerger will facilitate value creation through strategic partnerships and attract dedicated pools of investors.

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