Reliance Industries Completes IMG Reliance Acquisition; Stock Edges Lower

Edited by Peter Noronha

30 Dec 2020, 11:00 AM IST

At 10:45 am, Reliance Industries shares had edged lower by 0.3 per cent to Rs 1,981 on the BSE.

Reliance Industries has completed acquiring the equity shares of IMG Reliance (IMG-R) from IMG Singapore, Reliance Industries said in a regulatory filing to the stock exchanges. Post the acquisition, IMG-R has become a wholly-owned subsidiary of Reliance Industries. At 10:45 am, Reliance Industries shares had edged lower by 0.3 per cent to Rs 1,981 on the BSE. The shares have touched an intra-day high of Rs 1,995.25 and a low of Rs 1,975.90 thus far.

Consequent to the aforesaid acquisition, the holding of the company along with IMG-R in Football Sports Development Limited (FSDL) is 65 per cent and FSDL has become a subsidiary of the company, Reliance Industries added.

The benchmark indices were trading virtually unchanged at the time, with the BSE Sensex shedding 37.55 points at 47,576.35 and the NSE Nifty edging lower by eight points to 13,925.80.