Reliance eyeing $588 million share sale: Report

Energy major Reliance Industries may sell existing shares to institutions to raise about Rs26.75 billion ($588 million) over the next few weeks, the Business Standard said, citing unnamed sources.

Reliance on Monday raised $577 million through a share sale, the second big equity fund raising in under four months for India's largest listed company as it looks to buy bankrupt petrochemicals firm LyondellBasell.

Analysts and dealers have said the company may look to raise more funds through another share sale.

Reliance may sell the shares at a discount of 2-4%, and bankers had started talks with institutions, the Business Standard said, citing two unidentified investment bankers.

Shares in Reliance closed at closed at Rs1,088.80 on Wednesday.

A spokesman for Reliance declined to comment.