News Synopsis
After the announcement of the purchase of Shubhalakshmi Polyesters Ltd and polyester chips manufacturer Shubhalakshmi Polyesters Ltd, shares of Reliance Industries rose nearly 1% in the morning trade Monday. Reliance Industries of Mukesh Ambani stated that the acquisition was part of its strategy to grow its downstream polyester business.
The company's shares opened at Rs 2573.70 and then rose 0.98 percent to Rs 2593.80 per share on the BSE. Similar movements were seen on NSE, where shares opened at Rs 2573.70, and then rose 0.98 percent to touch Rs 2593.80 apiece.
“Reliance Petroleum Retail Ltd (under name change to ‘Reliance Polyester Ltd'), a wholly-owned subsidiary of the company, today executed definitive documents to acquire the polyester business of Shubhalakshmi Polyesters Ltd and Shubhlaxmi Polytex Ltd for cash consideration of Rs 1,522 crore and Rs 70 crore respectively, aggregating to Rs 1,592 crore by way of slump sale on a going concern basis,” the firm stated.
