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RIL arm acquires further stake in SkyTran Inc

Posted On: 2019-11-07 22:55:15

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.

Shares of RELIANCE INDUSTRIES LTD. was last trading in BSE at Rs.1458.8 as compared to the previous close of Rs. 1432.1. The total number of shares traded during the day was 295528 in over 7713 trades.

The stock hit an intraday high of Rs. 1462.9 and intraday low of 1432.95. The net turnover during the day was Rs. 427910804.


Source: Equity Bulls

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