Mukesh Ambani renounces 50 cr RIC shares

MUMBAI: Mukesh Ambani has sought annulment of this transaction and his request has been accepted by the Board of RCIL.

RCIL has also informed RIL of this decision.

According to media reports, Ambani had got these shares at a price of Re one each, giving him a 12 percent personal stake in RIC. Through this one action, he has given up claim to shares currently worth Rs 7,200 crore, diluted his holding in RIC and boosted the stakes of RIL shareholders in the Infocomm venture.

RCIL has been told that the detailed communication sent by the company on this will be placed at the RIL Board meeting of December 27.