Morgan Stanley increases stake in Reliance Energy

By IANS,

Mumbai : Global financial services firm Morgan Stanley has increased its stake in the Anil Ambani-promoted Reliance Energy Ltd (REL) to over five percent for about Rs.530 million ($13.25 million).

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Morgan Stanley has acquired 461,563 shares amounting to 0.2 percent stake in REL April 8 through market purchase route, REL said in a filing with the Bombay Stock Exchange (BSE).

Calculated on the basis of the closing share price of REL April 8, (Rs.1,150.45 per share), the deal value amounted to Rs.530 million.

Prior to this transaction, Morgan Stanley had 11,587,152 shares representing 4.90 percent, which has increased to 12,048,715 shares (5.1 percent) after this transaction.