Reliance Industries rose 1.84% to Rs 1205.35 at 14:12 IST on BSE after the company said it completed the purchase of a 5% stake in Eros International Plc.
The announcement was made after market hours yesterday, 7 August 2018.Meanwhile, the S&P BSE Sensex was up 181.45 points, or 0.48% to 37,847.25.
On the BSE, 2.79 lakh shares were traded in the counter so far compared with average daily volumes of 4.29 lakh shares in the past two weeks. The stock had hit a high of Rs 1208 so far during the day, which is also a record high for the counter. The stock had hit a low of Rs 1186 so far during the day. The stock hit a 52-week low of Rs 765 on 29 August 2017.
Reliance Industries (RIL) had earlier intimated on 20 February 2018 that Reliance Industrial and Investment Holdings (RIIHL), a wholly-owned subsidiary of the company, had entered into an agreement with Eros International Plc. agreeing to subscribe, subject to requisite approvals, to 5% equity stake on a fully diluted basis of Eros International Plc.
RIL has now completed the acquisition by subscribing to 31,11,088 'A' ordinary shares at $15 per share for cash aggregating to $46.67 million, translating to 5% equity stake on a fully diluted basis of Eros International Plc. The said investment has been made by RIL directly.
On a consolidated basis, RIL's net profit rose 4.47% to Rs 9485 crore on 54.25% rise in net sales to Rs 128,756 crore in Q1 June 2018 over Q1 June 2017.
RIL is India's largest private sector company. RIL's activities span hydrocarbon exploration and production, petroleum refining and marketing, petrochemicals, retail and 4G digital services.
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