Reliance arm invests US$ 102.90 million

Reliance Ethane Holding Pte Ltd. (REHPL), a wholly owned subsidiary of the Company, has informed that it has today invested in 34,300,000 ordinary shares of face value of USD 1 each for cash at par, in each of its three wholly owned subsidiaries, viz., Ethane Coral LLC, Ethane Diamond LLC and Ethane Jade LLC ("Ethane LLCs"), aggregating USD 102.90 million.

Ethane LLCs have entered into ship building contracts (SBCs) for purchase of Very Large Ethane Carriers (VLECs) and each Ethane LLC will own a VLEC. VLECs are being acquired for the transportation of Ethane. The investment is made to enable Ethane LLCs to make part payment towards cost of construction of three VLECs.

Ethane LLCs are limited liability companies incorporated on December 4, 2023 in the Republic of the Marshall Islands, to own VLECs and are yet to commence commercial operations.

The investment falls within related party transactions, being a transaction between REHPL (a wholly owned subsidiary of the Company) and its wholly owned subsidiaries, and is on arm's length basis. The Promoter, Promoter Group and other group companies are not interested in above investment.

Shares of Reliance Industries Limited was last trading in BSE at Rs. 2950.20 as compared to the previous close of Rs. 2931.20. The total number of shares traded during the day was 83500 in over 7871 trades.

The stock hit an intraday high of Rs. 2976.30 and intraday low of 2932.00. The net turnover during the day was Rs. 247013738.00.

Source : Equity Bulls

Keywords

RelianceIndustries INE002A01018 RelianceEthaneHolding Investment