Reliance Marcellus, a wholly-owned subsidiary of Reliance Industries (RIL), will divest its entire stake in certain upstream assets in the Marcellus shale play of south-western Pennsylvania for $250 million.

These assets, which are currently operated by various affiliates of EQT Corporation, have been agreed to be sold to Northern Oil and Gas, a Delaware corporation, for a consideration of $250 million cash and warrants that give entitlement to purchase 3.25 million common shares of NOG at an exercise price of $14.00 per common share in next seven years, RIL said in a regulatory filing on Thursday.

A Purchase and Sale Agreement has been signed between RMLLC and NOG on February 3, 2021, for this sale and the transaction is subject to customary terms and conditions of closing, it added.

Citigroup Global Markets, Inc. acted as financial advisor to Reliance and Gibson, Dunn & Crutcher LLP served as its legal counsel.

At 11:55 am, the shares of Reliance Industries were trading 0.11 percent lower at Rs 1,928.20 apiece on the BSE as compared to a 0.12 percent gain on the benchmark Sensex.

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