Reliance Marcellus II LLC, a subsidiary of Reliance Holding USA, and RIL have closed the stake sale in the Marcellus shale gas asset operated by Carrizo Oil and Gas, RIL said in a statement on Friday.

The transaction, which was announced on October 6, will be effective April 1, 2017.

Additionally, under the definitive documents, a contingent amount of up to $11.25 million may be paid to Reliance between 2018 and 2020 based on achieving certain gas price thresholds.

"The transaction closed on November 21, 2017 and Reliance received the purchase consideration, subject to usual and customary price adjustments," RIL said.

RIL held stakes in three US shale gas ventures - 45 per cent with Pioneer Natural Resources in Eagle Ford asset, 40 per cent with Chevron and 60 per cent with Carrizo Oil & Gas in Marcellus Shale.

The sale amount came at a discount to the price paid by RIL to acquire the stake around seven years ago.

RIL had spent $392 million, or over Rs 1,800 crore, for the asset. Its total investment in shale gas then stood at over $3 billion.

However, weaker prices affected its ambitious plans in the segment.

Shares of RIL ended with gains of 0.46 per cent at Rs 949.50 on the BSE on a day the benchmark index gained over 91 points.