Reliance Industries moves up as its arm executes definitive documents to acquire polyester business of SPL and SPTex
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Reliance Industries is currently trading at Rs. 2587.65, up by 19.05 points or 0.74% from its previous closing of Rs. 2568.60 on the BSE.
The scrip opened at Rs. 2573.70 and has touched a high and low of Rs. 2593.80 and Rs. 2572.00 respectively. So far 19430 shares were traded on the counter.
The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 2855.00 on 29-Apr-2022 and a 52 week low of Rs. 2181.00 on 08-Mar-2022.
Last one week high and low of the scrip stood at Rs. 2606.85 and Rs. 2530.00 respectively. The current market cap of the company is Rs. 1749449.24 crore.
The promoters holding in the company stood at 50.62%, while Institutions and Non-Institutions held 38.74% and 10.64% respectively.
Reliance Industries’ wholly owned subsidiary -- Reliance Petroleum Retail has executed definitive documents to acquire polyester business of Shubhalakshmi Polyesters (SPL) and Shubhlaxmi Polytex (SPTex) for cash consideration of Rs 1,522 crore and Rs 70 crore respectively, aggregating to Rs 1,592 crore by way of slump sale on a going concern basis. The acquisitions are subject to approval of the Competition Commission of India (CCI) and the respective lenders of SPL and SPTex.
SPL has a continuous polymerisation capacity of 2,52,000 MT/Annum and manufactures polyester fibre, yarns and textile grade chips through direct polymerisation route as well as extruder spinning with value addition through texturising. It has two manufacturing facilities situated at Dahej (Gujarat) and Silvassa (Dadra and Nagar Haveli). SPTex has a texturised yarn manufacturing facility at Dahej. The acquisitions are part of the company's strategy to expand its downstream polyester business.
Reliance Industries is India’s largest private sector company. The company’s activities span hydrocarbon exploration and production, petroleum refining and marketing, petrochemicals, retail and 4G digital services.
