Close on the heels of reports that Reliance Industries Ltd. (RIL) has raised its offer for the bankrupt chemical maker LyondellBasell Industries to $13.5 billion; RIL said on Monday that it has raised nearly Rs 3,465 crore through sale of the company’s 33 million treasury stocks.

With RIL already having sold a part of its treasury stock for Rs 2,675 crore to LIC a week back, analysts opine that the company is evidently raising funds for its proposed buyout of LyondellBasell, the Netherlands-based petrochemicals firm.

Going by ET Now reports, 28.9 million shares of RIL have been sold at Rs 1089 a share, while the remaining 4.1 million shares were sold at Rs 1057 a share. The shares have been bought by five new long only funds from Asian and Europe.

The deal, for which UBS was the sole arranger, is said to be the highest block deal in terms of value.  

As a result of the recent sale of 33 million shares, RIL’s stock registered an Rs 11.30 or 1.03 percent drop to Rs 1090.65; after touching a low of Rs 1066 and high of Rs 1184.70 in trade so far.  

Meanwhile, on the NSE, the scrip was down Rs 13.75 or 1.25 per cent to Rs 1089.40, having touched a low and high of Rs 1050 and Rs 1149.70 respectively.