Shares of Reliance Industries surged up to 1.55% to Rs. 2024.9 apiece on the BSE in early trade on December 28, 2020. This is after the conglomerate entity said it would acquire IMG Worldwide's 50 percent holding in the joint venture company. IMG Reliance Limited (IMG-R) is a joint venture between IMG Worldwide LLC (IMG) and RIL.
IMG Singapore Pte. Ltd., a wholly-owned subsidiary of IMG has 50 percent of the share capital of IMG-R.
As per the press release, RIL inked a definite agreement for acquiring the shares held by IMG Singapore Pte. Ltd in IMG-R for a cash consideration not in excess of Rs 52.08 crore. Post completion of the deal, IMG-R will become a wholly-owned subsidiary of RIL and will also be rebranded.
No regulatory or government approvals are needed for the deal and the buy-out is expected to be completed in 2020 itself, added the release.
The shares of Reliance Industries scaled to its 52-week high Rs 2,368.80 and 52-week low Rs 867.45 on 16 September, 2020 and 23 March, 2020, respectively.
Currently, it is trading 14.89 percent below its 52-week high and 132.41 percent above its 52-week low.