RIL raises Rs 2,587 cr via sale of treasury stocks

Reliance Industries has raised over Rs 2,587 crore (Rs 25.87 billion) through sale of 2.5 crore (25 million) treasury stocks of the company.

The company has sold 2.5 crore (25 million) shares in the open market at an average price of Rs 1,035 a piece to Life Insurance Corporation, sources close to the development said.

A formal announcement by the company is expected anytime, sources added. Treasury stock refers to shares of a company which are not issued to the public, as some are kept in the company's treasury to be used to create extra cash when needed.

The country's largest private sector firm had last year raised around Rs 3,188 crore (Rs 31.88 billion) rough sale of 1.50 crore (15 million) treasury shares.

Shares of RIL were trading at Rs 1,074.65 on BSE in morning trade, down 1.46 per cent over the previous close.