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
27 November, 2021 06:05 IST
Reliance Industries arm acquires stake in Strand Life Sciences
Source: IRIS | 06 Sep, 2021, 01.12PM
Rating: NAN / 5 stars.
Comments  |  Post Comment


Reliance Industries (RIL), leading private sector enterprise with businesses in the energy and materials value chain, announced that its wholly owned subsidiary Reliance Strategic Business Ventures (RSBVL), has acquired 2,28,42,654 equity shares of Rs.10 each of Strand Life Sciences (Strand) for a cash consideration of Rs 3,930 million only.

A further investment of up to Rs 1,600 million is expected to be completed by March, 2023. The total investment will translate into ~80.3% of equity share capital in Strand on a fully diluted basis.Strand was incorporated in India on October 6, 2000.

Strand is a pioneer of genomic testing in India with bioinformatics software and clinical research solutions to healthcare providers including clinicians, hospitals, medical devices manufacturers and pharmaceutical companies.

The aforesaid investment is part of group's digital health initiatives, to foster affordable access to world class technology and innovation led healthcare ecosystem in India.

Shares of the company gained Rs 56.75, or 2.38%, to trade at  Rs 2,445.  The total volume of shares traded  was 406,780 at the BSE (11.40 a.m., Monday).




 Post Comment
Name Email
Comment
Security Code type    into this box
Related Articles
Indiabulls Real Estate raises Rs 750 mn through NCDs - 25-Nov-2021 11:13
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