Reliance Industries divests from Reliance Marcellus LLC; share trades flat

Reliance Industries divests from Reliance Marcellus LLC; share trades flat

Abhinav Lahoti
/ Categories: Trending, DSIJ News

Reliance Marcellus, LLC (RMLLC), a wholly-owned subsidiary of Reliance Industries Limited (RIL) announced the signing of agreements on Thursday to divest all its interest in certain upstream assets in Marcellus shale play of south-western Pennsylvania.   

The assets are currently being operated by various affiliates of EQT Corporation. They have agreed to sell these assets to Northern Oil & Gas, Inc (NOG), a Delaware corporation, for a consideration of around Rs 1,800 crore cash & warrants, which would give entitlement to purchase 32.5 lakh common shares of NOG at an exercise price of $14.00 per share in the next 7 years.   

Both the companies (RMLLC and NOG) have signed a purchase & sale agreement (PSA) on February 3, 2021 while the transaction is subject to customary terms & conditions of closing. Citigroup Global Markets, Inc. acted as financial adviser to Reliance Industries Ltd while Gibson, Dunn & Crutcher LLP served as their legal counsel.  

On Thursday at 12.51 pm, the stock of Reliance Industries Ltd was trading at Rs 1,923.75, down by 0.34 per cent on BSE.  

Previous Article HCL Technologies signs multi-year contract with Airbus
Next Article Five stocks with selling interest
Rate this article:
3.8

DALAL STREET INVESTMENT JOURNAL - DEMOCRATIZING WEALTH CREATION

Principal Officer: Mr. Shashikant Singh,
Email: principalofficer@dsij.in
Tel: (+91)-20-66663800

Compliance Officer: Mr. Rajesh Padode
Email: complianceofficer@dsij.in
Tel: (+91)-20-66663800

Grievance Officer: Mr. Rajesh Padode
Email: service@dsij.in
Tel: (+91)-20-66663800

Corresponding SEBI regional/local office address- SEBI Bhavan BKC, Plot No.C4-A, 'G' Block, Bandra-Kurla Complex, Bandra (East), Mumbai - 400051, Maharashtra.
Tel: +91-22-26449000 / 40459000 | Fax : +91-22-26449019-22 / 40459019-22 | E-mail : sebi@sebi.gov.in | Toll Free Investor Helpline: 1800 22 7575 | SEBI SCORES | SMARTODR