Live news , top stories, corporate news, company news, sector news, economy news, results analysis news, ceo interviews, fund manager interview, advisor interview, market news, bazaar talk, hot stocks news, ipo news, commodities news, mutual fund news, insurance news, news wire
23 July, 2018 19:22 IST
Reliance Brands acquires 12.5% stake in Future101 Design
Source: IRIS | 05 Jul, 2018, 11.05AM
Comments  |  Post Comment

Reliance Industries announced that its subsidiary - Reliance Brands has purchased 12.5% equity stake in Future101 Design (Future101) for Rs 95.0 million. The acquisition of minority stake is in the nature of strategic investment.

Future101, incorporated in July, 2013 is engaged in manufacturing, distribution and sale of luxury apparels, etc. in India. Future101 belongs to a similar industry as Reliance (Q,N,C,F)* Brands. The company expect growth in this sector and value creation from this investment.

Future101 reported annual turnover of Rs 221.8 million, Rs 208.5 million and Rs 171.1 million in FY 2017-18, FY 2016-17 and FY 2015-16, respectively.

No regulatory approvals were required for the said acquisition of shares. The investment does not fall within related party transaction and none of RIL's promoter / promoter group / group companies have interest in Future101.

Shares of the company gained Rs 12.65, or 1.28%, to trade at Rs 1,002.70. The total volume of shares traded was 257,781 at the BSE (10.51 a.m., Thursday).



Comments Post comment 
 Post Comment
Name Email
Comment
Security Code type    into this box
Company Update
ACC quarterly earnings rise 0.92% - 23-Jul-2018 17:10
Maruti Suzuki achieves production milestone in India - 23-Jul-2018 16:35
Welspun Corp quarterly earnings decline 14% - 23-Jul-2018 15:54
Hindustan Zinc quarterly earnings up 1.5% - 23-Jul-2018 15:33
Hindustan Oil Exploration quarterly net soars 7.95 times - 23-Jul-2018 15:25
Vijaya Bank quarterly earnings plunges 43% - 23-Jul-2018 15:11
Sterlite Technologies arm completes acquisition of Metallurgica Bresciana - 23-Jul-2018 12:33
Suven participates at Alzheimer's Association International Conference - 23-Jul-2018 12:14
HDFC Bank quarterly net climbs 18% to Rs 46.01 bn - 23-Jul-2018 10:48
Thomas Cook inks long term pact with Seoul Tourism - 23-Jul-2018 10:33
CG Power & Industrial Solutions sells biz in Hungary - 23-Jul-2018 09:54
more...
Home  |   Shares  |   F&O  |   Mutual Funds  |   Loans  |   Insurance  |   News Centre
Wealth Tracker  |   Newsletters  |   Tax Corner  |   NRI Centre  |   Advertise
© All rights reserved. IRIS Business Services Limited
A Disclaimer