RIL arm acquires stake in Strand Life Sciences Pvt Ltd

Reliance Strategic Business Ventures Limited ("RSBVL"), a wholly owned subsidiary of Reliance Industries Limited ("RIL" or the "Company") has acquired 2,28,42,654 equity shares of Rs.10 each of Strand Life Sciences Private Limited ("Strand") for a cash consideration of Rs 393 crores only (Indian Rupees Three Hundred Ninety three crores only).

A further investment of up to Rs 160 crore (Indian Rupees One Hundred Sixty Crore only) is expected to be completed by March, 2023. The total investment will translate into ~80.3% of equity share capital in Strand on a fully diluted basis.

Strand was incorporated in India on October 6, 2000. Strand is a pioneer of genomic testing in India with bioinformatics software and clinical research solutions to healthcare providers including clinicians, hospitals, medical devices manufacturers and pharmaceutical companies.

Strand's turnover was Rs 88.70 crore, Rs 109.84 crore and Rs 96.60 crore, and Net Profit (Loss) of Rs 8.48 crore, Rs (25.04) crore and Rs (21.66) crore in FY 2021, FY 2020 and FY 2019 respectively.

The aforesaid investment is part of group's digital health initiatives, to foster affordable access to world class technology and innovation led healthcare ecosystem in India.

Shares of Reliance Industries Ltd was last trading in BSE at Rs. 2388.25 as compared to the previous close of Rs. 2293.65. The total number of shares traded during the day was 543323 in over 30089 trades.

The stock hit an intraday high of Rs. 2394.3 and intraday low of 2306.8. The net turnover during the day was Rs. 1280184024.

Source : Equity Bulls

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