Reliance Industries Limited to acquire JV partner's stake in IMG Reliance Ltd

IMG Reliance Limited (IMG-R) is a joint venture between IMG Worldwide LLC (IMG) and the Company. IMG Singapore Pte. Ltd., a wholly owned subsidiary of IMG, holds 50% of the share capital of IMG-R.

IMG-R is engaged in the business of creation, management, implementation and commercialisation of sporting, fashion and entertainment events in India.

The Company has entered into definitive agreements to acquire the shares held by IMG Singapore Pte. Ltd in IMG-R, for a cash consideration not exceeding INR 52.08 Crore. Post completion of acquisition, IMG-R will become a wholly-owned subsidiary of the Company and will be rebranded by the Company.

IMG-R had a turnover of INR 181.70 Crore (including GST of INR 25.79 Crore), INR 195.55 Crore (including GST of INR 28.95 Crore) and INR 158.26 Crore (including GST of 20.71 Crore); and Net Profit of INR 16.35 Crore, INR 19.25 Crore and INR 15.82 Crore in FY 2020, FY 2019 and FY 2018 respectively.

Shares of RELIANCE INDUSTRIES LTD. was last trading in BSE at Rs.1993.9 as compared to the previous close of Rs. 1943.8. The total number of shares traded during the day was 289379 in over 16905 trades.

The stock hit an intraday high of Rs. 1998.65 and intraday low of 1947.05. The net turnover during the day was Rs. 572062340.

Source : Equity Bulls

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