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Article: Treasury stock sale rescues corporates.
- Article from:
- Mail Today (New Delhi, India)
- Article date:
- September 29, 2009
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RIL leads the way by using owned stock to raise cash
AT least six companies are in a position to raise funds through the sale of treasury stock when in need, as done by Reliance Industries Ltd ( RIL) and JP Associates ( JPA) in the recent past. Both the companies have done it partially and have retained the option to tap the source in future, too.
The other companies saddled with treasury stocks are Mahindra & Mahindra, BPCL, IOC and United Spirits. In the case of Indian Oil Corp ( IOC), there are two such trusts.
" The total value of the treasury stock held by all these companies as of June 30, 2009 was about Rs 32,798 crore. Both RIL and JPA ...