The Mukesh Ambani-led Reliance Industries Ltd (RIL) recorded a handsome profit in the quarter 2 results announced on Wednesday. The oil-to-telecom major's profit in Q2 rose to 17 per cent to Rs 9,516 crore.
The figures in the July-September quarter was primarily due to record earnings from petrochemical business and bumper earnings from retail business and telecom arm made up for a decline in refinery margins.
RIL also announced that it will buy majority stakes in Den Networks Ltd and Hathway Cable and Datacom Ltd for Rs 5,230 crore.
RIL will make a "primary investment of Rs 2,045 crore through a preferential issue under SEBI regulations and secondary purchase of Rs 245 crore from the existing promoters for a 66 per cent stake in DEN", the company said in a statement.
Also, it will make a primary investment of Rs 2,940 crore through a preferential issue for a 51.3 per cent stake in Hathway.
RIL would also make open offers to minority shareholders of GTPL Hathway Ltd, a company jointly controlled by Hathway with 37.3 per cent stake, and Hathway Bhawani Cabletel and Datacomm Limited, a subsidiary of Hathway.
(With inputs from agencies)
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