Mumbai, March 2: Some associate firms of Reliance Infocomm today sold 8.6 million shares of ONGC to a clutch of unnamed foreign institutional investors (FIIs).

At Rs 765 crore, the deal was not a large one but enough to drive down ONGC shares by 1.2 per cent to Rs 856.30 on Dalal Street from its previous close of Rs 866.75.

The shares were acquired by a subsidiary of Reliance Infocomm when the oil major made a public offer in March last year that saw the government dilute its stake.

Reliance Infocomm is 45 per cent owned by Reliance Industries, known for its nimble treasury operations and the ability to make the best of investments in the stock market.

The ONGC shares, reportedly sold at Rs 865 apiece today, were acquired in the public offer at a price of Rs 750. The difference represents a return of 15.33 per cent for the Infocomm associates ? all within a span of 12 months ? but the shares account for just 0.6 per cent of equity.

Parting with the shares after a year means that the Rs 100-crore profit will go straight into the Infocomm kitty. Long-term capital gains ? over a year ? are not taxed.

The downtrend in the price of the ONGC stock came on a day the public sector oil exploration major announced yet another oilfield acquisition, this time in Qatar.

Before Infocomm, Reliance had gained hugely when it sold shares in Larsen & Toubro Ltd at a premium of over 50 per cent to Grasim, the Aditya Birla group flagship.

?It is the company?s policy not to comment on individual transactions,? said a Reliance group official. The deal saw the ONGC stock register the highest volumes in traded turnover at Rs 883.55 crore. State Bank was distant second with a figure of Rs 112.75 crore. The sole book-runner in the deal was Citigroup. Market sources say the deal might also prod ONGC, Indian Oil Corporation and Gas Authority of India to unlock their cross-holdings and capitalise on their investment.

For the three PSU navratnas trying to ensure energy security for the country by acquiring properties and expanding abroad, stake sales are the best way to raise cash.