Indian Share Market Tips|Reliance Retail acquires stakes in 6 cos for ₹92 cr
Our Bureau Reliance Retail Ventures Ltd (RRVL), a subsidiary of reliance Industries Ltd (RIL), has acquired stakes in about six retail companies for ₹91.8 crore to strengthen its presence in the organised luxury retail segment.
Announcing the deals in a BSE filing, RIL said: “The acquisitions will help the company to strengthen its footage in the retail industry and support its long-term strategy to enhance its value in the retail industry.”
No regulatory approvals are required for the acquisition of shares as these investments do not fall under the ‘related party transaction’ category, and none of RIL’s promoters, promoter groups or group companies have interests in these entities, the company added.
Global brands
RRVL has acquired a 16.31 per cent stake in Genesis Colors Ltd (GCL) for ₹34.8 crore. Reliance Brands, a subsidiary of RRVL, already has a 49.46 percent stake in GCL, which retails international brands such as Jimmy Choo, Coach, Tumi, Paul Smith and Micheal Kors in India. It is also the sole and exclusive retailer for designer label Satya Paul.
With the latest deal, Reliance Retail’s aggregate shareholding in GCL will be 65.77 per cent.
Further, RRVL has bought a 50 percent stake each in GLF Lifestyle Brands for ₹38.4 crore and Genesis La Mode for ₹10.5 crore. It has also purchased an additional 2.07 per cent stake in Genesis Luxury Fashion Pvt Ltd for ₹3 crore. With that its total holding in the company is 49.37 percent.
Besides, the RIL arm has acquired a 50 per cent stake each in GML India Fashion and GLB Body Care for ₹4.4 crore and ₹0.5 crore, respectively
You can join us for all types of information and Support related to the stock market tips and also for the profitable- Equity Tips Free Trial, calls
0 comments