Reliance Industries trades higher on the bourses
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Reliance Industries is currently trading at Rs. 2460.10, up by 22.45 points or 0.92% from its previous closing of Rs. 2437.65 on the BSE.
The scrip opened at Rs. 2431.10 and has touched a high and low of Rs. 2474.10 and Rs. 2431.10 respectively. So far 309726 shares were traded on the counter.
The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 2750.00 on 19-Oct-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. 2476.30 and Rs. 2409.00 respectively. The current market cap of the company is Rs. 1659190.88 crore.
The promoters holding in the company stood at 50.61%, while Institutions and Non-Institutions held 38.79% and 10.60% respectively.
Reliance Industries’ wholly owned subsidiary -- Reliance Industrial Investments and Holdings (RIIHL), has entered into an agreement to acquire the entire issued share capital of Columbus Centre Corporation (Cayman), a company incorporated in the Cayman Islands and the indirect owner of a 73.37 per cent stake in Mandarin Oriental New York, one of the premium luxury hotels in New York City for an equity consideration of approximately $98.15 million.
This acquisition will add to the consumer and hospitality footprint of the group. The group already has investments in EIH (Oberoi Hotels), Stoke Park Limited in UK and is developing state-of-the-art convention centre, hotel and manged residences in BKC Mumbai.
The closing of the transaction is anticipated to occur by the end of March 2022 and is subject to certain customary regulatory and other approvals and the satisfaction of certain other conditions. In the event that the other owners of the hotel elect to participate in the sale transaction, RIIHL would acquire the remaining 26.63%, based on the same valuation used for the acquisition of the indirect 73.37% stake.
Set up in 2003, Mandarin Oriental New York is an iconic luxury hotel located at 80 Columbus Circle, directly adjacent to the pristine Central Park and Columbus Circle. It has global recognition and has won several influential awards including AAA Five Diamond Hotel, Forbes Five Star Hotel, and Forbes Five Star Spa, among others. It had revenues of $115 million in 2018, $113 million in 2019 and $15 million in 2020.
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.
