On 31 December 2025 the Reliance promoter group held 50.006% of the company. On 31 March 2026 it held 49.999%.
It did not sell a share.
Seven thousandths of a percent, moved by strangers
The company explains the change itself, in a note to the filing: there is no change in the total shareholding of the Promoter and Promoter Group, and the percentage moved "because DRs representing 18,71,496 equity shares have been converted into equity shares and the shares underlying DRs have gone down."
The mechanism is a denominator. India's disclosure percentage is calculated under the Securities Contracts (Regulation) Rules 1957 as a share of categories (A+B+C2) — promoter, public, and employee trusts — which excludes the block of shares held by the depositary against outstanding depository receipts. When a receipt holder converts, those shares leave the excluded category and land in the public column. The denominator grows. Every other holding on the register falls, proportionally and automatically.
1,871,496 shares — 0.014% of the company — changed hands between a depositary and its own receipt holders, and carried India's largest listed company's controlling family below half.
Fifty percent each
The two blocs are now almost exactly matched, and the public is marginally ahead:
- Promoter and Promoter Group: 6,645,496,096 shares, 46 holders of record
- Public: 6,645,688,710 shares, 4,421,242 holders of record
The public holds 192,614 more shares than the promoter group. Both round to 50.00% in the filing's own table. Out of 13,532,472,634 shares outstanding, the margin between them is 0.0014% of the company.
The family owns less than one percent of it
The promoter group is 51 designated members, of which five hold no shares at all and 46 appear on the register. Almost none of the position sits with people.
Six named individuals hold 0.84% between them: Mukesh D Ambani, Nita M Ambani, Isha M Ambani, Akash M Ambani and Anant M Ambani at 0.12% each, and K D Ambani at 0.24%.
The bloc is held by vehicles:
- Srichakra Commercials LLP — 11.13%
- Devarshi Commercials LLP — 8.21%
- Karuna Commercials LLP — 8.21%
- Tattvam Enterprises LLP — 8.21%
- Reliance Industries Holding Private Limited — 4.57%
- Reliance Industrial Investments and Holdings Limited — 3.63%
- Reliance Services and Holdings Limited — 2.59%
- Samarjit Enterprises LLP — 1.88%
Four LLPs hold 35.76% of the company between them. Roughly twenty further promoter-group entities hold between 216 and 3,698 shares each — positions of no economic consequence whose function is membership of the category rather than ownership of the business.
One entry closes a loop. Reliance Services and Holdings Limited, holding 2.59%, is described in the filing as a company controlled by the Petroleum Trust, the sole beneficiary of which is Reliance Industrial Investments and Holdings Limited — itself a promoter group member holding a further 3.63%.
The other side of the register cannot all vote
A second note discloses that the voting rights recorded under "Public" include four categories of frozen shares:
- 88,610,954 held by the Investor Education and Protection Fund Authority
- 30,298,151 in the 2024 bonus suspense account
- 4,922,108 in the unclaimed suspense account
- 162,077 in the suspense escrow demat account
That is 123,993,290 shares — sitting in the public column, counted in the denominator of the 49.11% voting figure, and incapable of being voted. A further 241,287,828 shares sit with the depositary against outstanding GDRs.
The following is our arithmetic, not a disclosure. Removing only the frozen shares from the total voting base puts the promoter group at 49.56%. Removing the depositary-held shares as well puts it at 50.47%. No filing states either number, and we are not publishing them as the profile's figures. But the direction is not ambiguous: the promoter group's share of the votes that can actually be cast at a meeting is higher than any percentage on the face of the document, and on one reasonable construction it is a majority.
Why we publish 49.999% and not 49.11%
Both numbers are in the same filing, and the gap between them is not a control feature. Reliance confirms in the same document that it has issued no equity shares with differential voting rights. One share carries one vote. The 0.889 point spread is a denominator artifact — receipts excluded from one calculation and included in the other — not a divergence between economics and votes.
Publishing it as a Control Wedge would report a company where the controller votes less than it owns. Nothing of the kind is happening here.
What is not established here
Whether the promoter group intends to return above half, and what SEBI's takeover rules would permit it to acquire in a year if it did.
The terms of any arrangement among the 51 designated members. The promoter group is a regulatory classification that aggregates them for disclosure; the shareholding pattern records no agreement setting out how they vote, who decides, or what happens if one of them dissents.
How the depositary votes the 241,287,828 shares underlying the GDRs, and on whose instructions.