Reliance Industries to acquire 2.28 Cr shares from Strand Life Sciences for 393 billion

Reliance Industries Limited (RIL) announced on Friday that it has acquired a stake in Strand Life Sciences for 393 million euros. “Reliance Strategic Business Ventures Limited, a wholly-owned subsidiary of Reliance Industries Limited, has 2,28,42,654 shares of Rs 10 each in Strand Life Sciences Private Limited (Strand) for cash payment of. acquired Only 393 crores “, it says in a file.

Another investment of up to It is expected that 160 crore will be completed by March 2023. The total investment will represent 80.3% of Strand’s registered capital on a fully diluted basis.

Strand was founded in India on October 6, 2000. Strand is a pioneer in genome testing in India with bioinformatics software and clinical research solutions for healthcare providers such as clinicians, hospitals, medical device manufacturers and pharmaceutical companies, the statement said.

Beach sales were up 88.70 crore, 109.84 crore and 96.60 crore and net profit (loss) of 8.48 crore, (25.04) crore and (21.66) crore in FY 2021, FY 2020 or FY 2019.

RIL said the investment is part of the group’s digital health initiatives to promote affordable access to a world-class technology and innovation-driven health ecosystem in India.

No government or regulatory approvals were required for this investment. The investment is not covered by related party transactions and none of RIL’s promoters / promoter group / affiliates has an interest in the transaction.

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