Reliance Petroleum Trust is all set to sell out about 10 million shares at Rs 2125 each. Further, the company also plans to sell additional 10 million shares, which would take overall proceeds up to US$880 million.

As per the statement from a fund manager, the company may be planning to buy a petroleum asset out of the country, taking help of fallen valuations.

It is also mentioned that Reliance Industries Ltd. (RIL) would raise up to US$880 million, or Rs 4244 crore, by selling its company’s shares at a discount of about 2.7%. Reliance Petroleum Trust has 6.65% share in RIL.

The company has assigned DSP Merrill Lynch and Citi group for selling 1 crore shares at Rs 2125 each, while additional 1 crore shares will be sold by the company.

However, an official from the RIL declined to comment on the issue.