AZB Mumbai partner Shuva Mandal led the team for DSP Merrill Lynch and Citigroup, which were mandated by the company for the share sale.

AZB Mumbai partner Shuva Mandal led the team for DSP Merrill Lynch and Citigroup, which were mandated by the company for the share sale.

India’s largest listed company Reliance Industries Limited was advised by Davis Polk & Wardwell on the sale.

Davis Polk India practice partner Kirtee Kapoor and associate Gordon Chin in Hong Kong advised the Petroleum Trust, which holds more than 1bn RIL shares and disposed of around 15m shares.

According to market analysts, Reliance could use the raised cash for future acquisitions, as the company is in no need of immediate funds.

The Petroleum Trust was formed in May 2002 by Reliance Industrial Investments & Holdings as part of the scheme of amalgamation of Reliance Petroleum with RIL.

Reliance Industrial Investments & Holdings, which is a wholly owned subsidiary of Reliance Industries Limited, is the sole beneficiary of the trust.

A treasury stock is created when a company acquires its own stock because of a merger with a group firm.

In the recent past ICICI Group and the UB Group have also monetised their treasury stock.