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Reliance Industries surges as its arm acquires stake in Strand Life Sciences
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Reliance Industries is currently trading at Rs. 2465.05, up by 76.80 points or 3.22% from its previous closing of Rs. 2388.25 on the BSE.
The scrip opened at Rs. 2414.00 and has touched a high and low of Rs. 2479.85 and Rs. 2413.90 respectively. So far 311293 shares were traded on the counter.
The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 2,479.85 on 06-Sep-2021 and a 52 week low of Rs. 1830.00 on 29-Jan-2021.
Last one week high and low of the scrip stood at Rs. 2479.85 and Rs. 2130.00 respectively. The current market cap of the company is Rs. 1662894.45 crore.
The promoters holding in the company stood at 50.59%, while Institutions and Non-Institutions held 38.38% and 11.03% respectively.
Reliance Industries’ wholly owned subsidiary -- Reliance Strategic Business Ventures (RSBVL) has acquired 2,28,42,654 equity shares of Rs 10 each of Strand Life Sciences for a cash consideration of Rs 393 crore only. A further investment of up to Rs 160 crore 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. The said investment is part of group's digital health initiatives, to foster affordable access to world class technology and innovation led healthcare ecosystem in India.
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.
