Reliance Industries Ltd updates on acquisition of stake in SkyTran Inc

Reliance Industries Ltd had earlier announced that Reliance Strategic Business Ventures Limited (‘RSBVL’), a wholly owned subsidiary of the Company, had acquired 17.37% shareholding in SkyTran Inc. on a fully diluted basis.

Subsequent to our disclosure dated November 7, 2019, RSBVL acquired convertible notes in two tranches, the first one on November 29, 2019 and the second one on March 23, 2020, which got converted into shares of SkyTran Inc. on April 27, 2020 upon certain conditions being satisfied. Consequent upon this, the shareholding of RSBVL in SkyTran Inc. stood increased to 26.31% on a fully diluted basis.

No regulatory approvals were required in India for the aforesaid acquisition of shares. The investment does not fall within related party transaction and none of the Company’s promoter I promoter group I group companies have interest in skyTran Inc.

Also Read:   Zydus Cadila receives final approval from USFDA for Atazanavir Capsules

Shares of RELIANCE INDUSTRIES LTD. was last trading in BSE at Rs.1428.1 as compared to the previous close of Rs. 1430.3. The total number of shares traded during the day was 1301548 in over 49487 trades.

The stock hit an intraday high of Rs. 1454.75 and intraday low of 1391.95. The net turnover during the day was Rs. 1849694793.