RIL up 4%, hits new life-time high on stake buy in Strand Life Sciences
Shares of Reliance Industries (RIL) hit a new life-time high of Rs 2,477.70, and are up 4 per cent on the BSE in early morning trades on Monday on the back of positive news flow. The company, after market hours, on Friday said its subsidiary had acquired majority stake in genomic testing frim Strand Life Sciences Pvt Ltd for Rs 393 crore.
The acquisition by Reliance Strategic Business Ventures Ltd (RSBVL) is part of Reliance’s digital health intiatives, the firm said in a recent stock exchange filing. “RSBVL, a wholly owned subsidiary of RIL, has acquired 22.8 million equity shares of Rs 10 each of Strand Life Sciences Private Limited for a cash consideration of Rs 393 crore only,” it said.
