Mukesh Ambani offered to return a 12 per cent stake in Reliance Infocomm.

Investors hope that a dispute within Reliance Industries Ltd, , which has weighed on markets for over a month, will soon be resolved after the chairman’s surprise offer to surrender a stake in a group firm.Indian shares hit record highs on Friday after Mukesh Ambani offered to return a 12 per cent stake in Reliance Infocomm. However, analysts cautioned investors would have to wait for Monday’s board meeting of flagship Reliance Industries Ltd for clarity over a dispute over ownership in the giant petrochemicals-to-telecoms group.

In a counter-offensive against warring younger brother Anil, Reliance Industries Chairman Mukesh Ambani on Thursday gave up Rs 50 crore shares at face value in the Reliance Infocomm, ahead of the crucial Board meeting of the flagship company on December 27.

Vice-chairman and managing director of Reliance Industries (RIL) Anil Ambani met finance minister P Chidambaram on Friday, but did not comment on what they discussed at the hour-long meeting. When asked if RIL chairman, brother Mukesh Ambani’s announcement of giving up Rs 50 crore shares of Re 1 at par answered his query on changes in equity pattern of Reliance Infocomm, Anil did not comment.