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RIL arm acquires 51.78% stake in Asteria

Posted On: 2019-12-13 16:50:54


Reliance Strategic Business Ventures Limited ("RSBVL"), a wholly-owned subsidiary of Reliance Industries Limited ("RIL" or the "Company") has acquired equity shares of Asteria Aerospace Private Limited ("Asteria") for a cash consideration of INR 23,12,49,584/- (Indian Rupees twenty three crore twelve lakh forty nine thousand five hundred eighty four only). The said investment represents 51.78% holding in the equity share capital of Asteria.

RSBVL proposes to make a further investment of up to INR 125 crore (Indian Rupees one hundred twenty five crore only), subject to Asteria achieving agreed milestones. The further investment is expected to be completed by December 2021. Post the further investment, the shareholding of RSBVL will increase to 87.3% of the equity share capital of Asteria.

Asteria, incorporated in India on June 6, 2011, is a full-stack drone technology company with in-house drone manufacturing capabilities, and also offers software solutions to provide actionable insights from aerial data, intending to deliver "droneas-a-service" digital platform. It has operations in India.

Asteria is an early stage company, with turnover of INR 1.96 crore, INR 2.04 crore and INR 1 Lakh in FY 2019, FY 2018 and FY2017 respectively, and Net Profit (Loss) of INR (12.71) crore, INR (2.47) crore and INR (2.43) crore in FY 2019, FY 2018 and FY 2017 respectively.

The aforesaid investment will further enable the group's initiatives 1n emerging technology.

No governmental or regulatory approvals were required for the said investment. The investment does not fall within related party transactions and none of RIL's promoter / promoter group / group companies have any interest in the transaction.

Shares of RELIANCE INDUSTRIES LTD. was last trading in BSE at Rs.1582.45 as compared to the previous close of Rs. 1567.5. The total number of shares traded during the day was 611627 in over 9401 trades.

The stock hit an intraday high of Rs. 1590 and intraday low of 1572.55. The net turnover during the day was Rs. 965781656.


Source: Equity Bulls

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