Reliance Industries Limited (RIL) has completed the acquisition of equity shares of IMG Reliance (IMG-R) from IMG Singapore.
Now, IMG-R has become a wholly-owned subsidiary of the Company.
About Company
RIL had formed an equal joint venture with IMG Worldwide, an international sports marketing and management company, in 2010 to develop, market and manage sports and entertainment in India.
IMG is a global leader in sports, fashion, events and media, operating in more than 30 countries, and is a part of the Endeavor network.
IMG-R is engaged in the business of creation, management, implementation and commercialisation of sporting, fashion and entertainment events in India.
Deal Value
The nation’s biggest company by market value, in a stock exchange filing, had said it will buy IMG-Reliance Ltd (IMG-R) for not more than ₹52.08 crore in cash.
Stock Market Impact
At 10:45 am, Reliance Industries shares had edged lower by 0.3 per cent to Rs 1,981 on the BSE.
The shares have touched an intra-day high of Rs 1,995.25 and a low of Rs 1,975.90 thus far.
The benchmark indices were trading virtually unchanged at the time, with the BSE Sensex shedding 37.55 points at 47,576.35 and the NSE Nifty edging lower by eight points to 13,925.80.
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