Reliance Industries announced that its subsidiary, Reliance Retail Ventures (RRVL) has purchased 16.31% equity holding in Genesis Colors (GCL) for a consideration of Rs 348.0 million.

This is in addition to 49.46% equity holding in GCL held by Reliance Brands (RBL), a subsidiary of RRVL, intimation of which was given vide previous communication dated August 24, 2018. Accordingly, the aggregate equity shareholding of RRVL and RBL in GCL stands at 65.77%.

GCL's annual turnover in FY 2017-18 is Rs 860.2 million (provisional). GCL reported a turnover of Rs 800.4 million and Rs 1.14 billion in FY 2016-17 and FY 2015-16, respectively.

Shares of the company declined Rs 11.85, or 0.93%, to trade at Rs 1,264.90. The total volume of shares traded was 165,266 at the BSE (12.31 p.m., Monday).