Reliance Industries Ltd invests in UAE subsidiary

Reliance Industries Ltd has invested Rs.7,42,87,000 (equivalent to USD 1,000,000) in cash in 1,000,000 equity shares of USD 1 each of "Reliance International Limited" (RINL), a newly incorporated wholly owned subsidiary in Abu Dhabi Global Market, United Arab Emirates.

RINL is incorporated to undertake activities relating to, amongst others, trading of crude oil, petroleum products, petrochemicals and agricultural commodities. RINL is yet to commence its business operations.

The investment in RINL does not fall within related party transaction and the promoter / promoter group / group companies do not have any interest in RINL. No governmental or regulatory approvals were required for the said investment.

Shares of Reliance Industries Ltd was last trading in BSE at Rs. 2522.85 as compared to the previous close of Rs. 2517. The total number of shares traded during the day was 2866109 in over 7567 trades.

The stock hit an intraday high of Rs. 2539.85 and intraday low of 2495.85. The net turnover during the day was Rs. 7164516488.

Source : Equity Bulls

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