Reliance Industries shares advanced 2.4 per cent in the intra-day deals on Thursday to hit a high of Rs 2,045 apiece on the BSE after a report suggested that the Mukesh Ambani controlled company has held talks with Saudi Aramco on a cash and share deal for sale of a 20 per cent stake in its oil refining and petrochemical arm.
“Aramco is weighing paying for the stake with its shares initially and then staggered cash payments over several years… The proportion of shares versus cash was still up for debate and terms had yet to be finalised,” said a report by Financial Times.
The report comes soon after Saudi Arabia’s Crown Prince Mohammed bin Salman late on Tuesday hinted at talks to sell a minority stake in the Saudi national oil company to a foreign investor.
