Reliance Enterprise Intelligence Limited (REIL) ceased to be a step-down wholly owned subsidiary of RIL. Post a fresh equity allotment, Meta's Facebook Overseas Inc holds a 30% stake, while an RIL subsidiary holds the remaining 70%.
Reliance Industries Limited informed the stock exchanges that Reliance Enterprise Intelligence Limited (REIL) has ceased to be a step-down wholly owned subsidiary of the company following a fresh equity allotment.
Equity Allotment and New Shareholding
In a disclosure submitted to the exchanges under SEBI's Regulation 30 (Listing Obligations and Disclosure Requirements) Regulations, 2015, Reliance Industries Limited stated that REIL allotted 85,31,75,000 equity shares of face value Rs 10 each at par. Of the total allotment, 59,66,22,500 equity shares aggregating Rs 596.6 crore were allotted to Reliance Intelligence Limited, a wholly owned subsidiary of Reliance Industries Limited, while 25,65,52,500 equity shares aggregating Rs 256.6 crore were allotted to Facebook Overseas Inc, a wholly owned subsidiary of Meta Platforms Inc.
Post allotment, Reliance Intelligence Limited holds 70 per cent of the total equity capital of REIL, and the remaining 30 per cent is held by Facebook Overseas Inc. Consequently, REIL has ceased to be a step-down wholly owned subsidiary and has become a step-down subsidiary of the company.
Transaction Clarifications
The company noted that all necessary approvals for the investment have been obtained. It clarified that the transaction between REIL and Facebook Overseas Inc is not a related party transaction, while the transaction between REIL and Reliance Intelligence Limited is a related party transaction conducted on an arm's length basis.
Reliance Industries Limited further stated that none of the company's promoter, promoter group, or group companies have any interest in the transaction. (ANI)
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