Indian oil and gas major Reliance Industries Limited has sold 180.4 million equity shares in Reliance Petroleum Limited, representing 4.01% of its equity, for an aggregate consideration of INR40.23 billion.

After the sale, Reliance Industries Limited (RIL) will hold a 70.99% shareholding in Reliance Petroleum Limited (RPL).

The number of shareholders of RPL has increased from 1.2 million shareholders at the time of IPO to 1.6 million. It has, at current prices, provided a return of 250% to its investors since the IPO. The sale of shares monetizes only a very small portion of RIL’s holding in RPL.