Reliance Retail Ventures Limited ("RRVL"), a subsidiary of Reliance Industries Limited ("RIL" or the "Company") has acquired equity shares of Urban Ladder Home Décor Solutions Private Limited ("UrbanLadder") for a cash consideration of ~INR 182.12 crore (Indian Rupees one hundred eighty two crore and twelve lakh only). The said investment represents ~96% holding in the equity share capital of UrbanLadder.
RRVL has a further option of acquiring the balance stake, taking its shareholding to 100% of the equity share capital of UrbanLadder.
RRVL proposes to make a further investment of up to INR 75 crore (Indian Rupees seventy-five crore only). The further investment is expected to be completed by December 2023.
UrbanLadder was incorporated in India on February 17, 2012. UrbanLadder is in the business of operating a digital platform for home furniture and décor products. It also has a chain of retail stores in several cities across India.
UrbanLadder's audited turnover was INR 434.00 crore, INR 151.22 crore and INR 50.61 crore, and Net Profit / (Loss) of INR 49.41 crore, INR (118.66) crore and INR (457.97) crore in FY 2019, FY 2018 and FY 2017 respectively.
The aforesaid investment will further enable the group's digital and new commerce initiatives and widen the bouquet of consumer products provided by the group, while enhancing user engagement and experience across its retail offerings.
Shares of RELIANCE INDUSTRIES LTD. was last trading in BSE at Rs.1996.1 as compared to the previous close of Rs. 1979.85. The total number of shares traded during the day was 1825121 in over 31252 trades.
The stock hit an intraday high of Rs. 2036.65 and intraday low of 1981. The net turnover during the day was Rs. 3623827260.