Reliance Industries up 1.7 percent on LyondellBasell bid

Mumbai, Nov 23 ( The scrip of Reliance Industries, India’s largest private company, rose nearly 2 percent Monday morning after its weekend announcement that it had bid for a controlling stake in bankrupt Dutch petrochemicals firm LyondellBasell Industries.

The RIL scrip rose 1.77 percent in early trade at Rs.2,162.80 against its Friday’s close at 2,125.15, as per data available with the Bombay Stock Exchange.

Reliance Industries said in a statement it has submitted to LyondellBasell a preliminary non-binding offer to acquire the controlling interest for cash, which some estimates peg at around $12 billion.

“This offer is in addition to the previous non-binding equity-financing proposal,” said the Dutch firm, adding the new proposal provided a potential alternative to the initial plan of reorganisation that had been filed previously.