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Reliance Raises $576 million in Share Sale

3:58 AM MST | January 4, 2010 | Natasha Alperowicz

Reliance Industries, a potential buyer of bankrupt LyondellBasell Industries, has raised Rs26.8 billion ($576 million) in a share sale. Reliance said in a statement to the Bombay Stock Exchange today that it had sold 25.9 million shares at an average price of Rs1,035/share. The state-run Life Insurance Corporation of India, Reliance's biggest institutional investor, bought 25 million shares, sources say. The sale, the second such transaction by Reliance in less than four months, was at a 5% discount to the stock's December 31 closing price. Reliance Petroleum...

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