Reliance Industries Ltd has announced the setting up of a wholly-owned subsidiary (WOS) for Digital Platform initiatives. The WOS has been incorporated and the Company, as a subscriber to the memorandum of association of the WOS, has invested Rs 1,00,000 to acquire 10,000 equity shares of Rs. 10 each at par of the WOS namely "Jio Platforms Limited" (JPL). JPL was incorporated on November 15, 2019 and is yet to commence its business operations.
The investment in JPL does not fall within related party transaction and the promoter / promoter group / group companies do not have any interest in JPL. No governmental or regulatory approvals were required for the said investment.
Shares of RELIANCE INDUSTRIES LTD. was last trading in BSE at Rs.1569.75 as compared to the previous close of Rs. 1558.85. The total number of shares traded during the day was 179080 in over 7672 trades.
The stock hit an intraday high of Rs. 1575 and intraday low of 1556.4. The net turnover during the day was Rs. 280250965.