RELIANCE INDUSTRIES LTD. - Announcement under Regulation 30 (LODR)-Updates on Acquisition
Download 
|
< Back |
| 07 Nov 2019 | |
| We had informed that Reliance Industrial Investments and Holdings Ltd(''RIIHL''), a wholly owned subsidiary of the Company, had acquired 12.7% shareholding in SkyTran Inc. on a fully diluted basis with an option to further invest an amount upto USD 25 million in convertible notes, vide our disclosure dated October 17, 2018.Pursuant to a Composite Scheme of Arrangement approved by the National Company Law Tribunal, Ahmedabad Bench, vide order dated September 5, 2019, the said investment in SkyTran made by RIIHL has vested in Reliance Strategic Business Ventures Ltd (RSBVL), a wholly owned subsidiary of the Company. On November 6, 2019, RSBVL has acquired further shares in SkyTran Inc. to increase its shareholding in SkyTran Inc. to 17.37% on a fully diluted basis.No regulatory approvals were required for the said acquisition of shares. The investment does not fall within related party transaction and none of the Company''s promoter/promoter group/group companies have interest in SkyTran. | |
| View all announcements for RELIANCE INDUSTRIES LTD. | Source: BSE India |
© 2024 Rediff.com India Limited. All rights reserved. Disclaimer - Terms of Service - Privacy Policy - Feedback