Reliance shells out 76 per cent stake in GAPCO

Reliance Industries is all set to sell its stakes in Gulf Africa Petroleum Corporation (GAPCO) to Total, a French oil and natural gas giant.  The transaction amount is not known yet and the proposed transaction is subject to regulatory approval. 

GAPCO is Mauritius incorporated; and Reliance Industries will be selling its 76 percent stakes in the African oil marketing company. Reliance Exploration and Production DMCC (REPDMCC), an indirect wholly owned subsidiary of Reliance Industries, owns GAPCO. 

GAPCO operates subsidiaries in Tanzania, Kenya and Uganda and is a leading petroleum marketing company in East Africa. REPDMCC will sell its stake in an all cash deal and both the REPDMCC and minority shareholders will in a joint transaction sell their respective stakes entirely in GAPCO. 

Reliance Industries was trading at Rs. 961.20 per share, up by Rs. 2.3 per share or 0.23 percent  on Wednesday at the time of filing this report. The 52 week high for the stock is Rs. 1089 per share and the 52 week low for the stock is Rs. 818 per share. At Rs. 961 per share, Reliance is trading just below its 200 days simple moving average. Over a 1 year period the stock has gone up by almost 6.5 per cent.