Indian energy major Reliance Industries is reportedly planning to raise its offer for LyondellBasell that will include cash and stock options for shareholders and creditors, the economictimes. com website posted on Friday.

Mumbai-based Reliance, which bid for the chemicals and fuels-maker in November, may need to offer close to $15 billion including cash and stock, according to the report today.

In addition, Reliance is also seeking other options as well, including one offering stock and cash option, the source revealed, adding that the Indian company would be ready with a changed plan by end February.

Reliance shares registered a 0.9 percent slip to 988.80 rupees at 9:23 a. m. in Mumbai trading, squeezing for the second straight day. The benchmark Sensitive Index reduced 0.7 percent. Reliance has gained 53 percent in the past year, lagging behind the 79 percent increase in the benchmark index.

Reliance is reported to bear an outstanding debt of 700 billion rupees and a cash equivalent of 159.6 billion rupees as of Dec. 31. It raised about $2 billion selling shares since September, according to Alok Agarwal, Chief Financial Officer.