On Thursday, shares of Reliance Industries Limited (RIL) rose as much as 2.7% to Rs 2,111, the stock's highest since 23 October 2020 when it hit Rs 2,113.05. The stock hit its record high of Rs 2,369 on 16 September 2020.
After the rally following the fundraising from foreign institutional investors, the stock has underperformed the market in the months following September. RIL has fallen 1% when compared to a 23% surge in Sensex.
The jump on Thursday comes after a PTI report said that the Securities and Exchange Board of India (SEBI) gave a go-ahead to Future Group's scheme of arrangement and sale of assets to RIL, wherein Reliance Retail Ventures Limited is to acquire the retail, wholesale and logistics businesses of the Future Group for Rs 24,713 crore.
Based on the clearance provided by the market regulator, BSE also granted its "no adverse observation" report to the deal, it added.
Five months after it was announced, SEBI allowed the deal with some riders.
The SEBI has said the litigation pending before the Delhi High Court and arbitration proceedings by the global e-commerce major Amazon contesting the deal should be specifically mentioned by Future Group while seeking shareholders or the National Company Law Tribunal approval, the BSE stated in its observation letter.
It has also held that SEBI's go-ahead on the draft scheme of arrangement would be subject to the outcome of these proceedings.