The company has completed the acquisition by subscribing to 3,111,088 'A' ordinary shares of Eros International Plc at USD 15 per share for cash aggregating to USD 46.67 million.
Shares of Reliance Industries (RIL) gained 1 percent intraday Wednesday as company acquired 5 percent equity stake in Eros International Plc.
The company has completed the acquisition by subscribing to 3,111,088 'A' ordinary shares at USD 15 per share for cash aggregating to USD 46.67 million, translating to 5 percent equity stake on a fully diluted basis of Eros International Plc.
Reliance Industrial and Investment Holdings (RIIHL), a wholly owned subsidiary of the company, had entered into an agreement with Eros International Plc. agreeing to subscribe, subject to requisite approvals, to 5 percent equity stake on a fully diluted basis of Eros International Plc.
The said investment has been made by Reliance Industries directly.
At 09:52 hrs Reliance Industries was quoting at Rs 1,193.55, up Rs 10, or 0.84 percent on the BSE.
The share touched its 52-week high Rs 1,202.95 and 52-week low Rs 765.00 on 01 August, 2018 and 29 August, 2017, respectively.
Currently, it is trading 0.83 percent below its 52-week high and 55.95 percent above its 52-week low.
Disclosure: Reliance Industries Ltd. is the sole beneficiary of Independent Media Trust which controls Network18 Media & Investments Ltd.
Posted by Rakesh Patil