Reliance Sells $400 Million Shares Overseas

Reliance group, which owns India's biggest non state owned chemicals maker and oil refiner, has said that it has raised $400 million by selling shares overseas in two units.

Reliance Utilities & Power Ltd. and Reliance Ports & Terminals Ltd., sold shares to more than ten overseas venture capital funds, including ones run by HSBC Bank Plc, Barclays Plc and CDC Group Plc. The shares will be converted into global depositary receipts when the units are listed in future on the Luxembourg stock exchange, said Yogesh Desai, a company spokesman.

Reliance Utilities runs a 360-megawatt power plant for the group's 540,000 barrel-a-day oil refinery at Jamnagar, in Gujarat, the world's fifth biggest. Reliance Ports manages India's biggest non-state-owned port facilities, capable of receiving as much as 50 million metric tons of crude oil a year.

Reliance has sold a total of $9 billion in shares and bonds to local and overseas investors to expand its chemical-making capacity to 10 million tons and build its 27 million ton-a-year oil refinery. It's the only Asian company to have sold a 100-year bond in the US.

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