Tuesday, Nov 29, 2022
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Reliance Industries Gains Over 1% On Shubhalakshmi Polyesters Acquisition

The acquisition is part of the strategy to expand its downstream polyester business, Reliance Industries said on September 10

Shares of Reliance Industries gained 1.13 per cent to close at Rs 2,597.60 apiece on Monday as investors cheered the company's acquisition of polyester chips and yarn manufacturer Shubhalakshmi Polyesters Ltd for Rs 1,592 crore.

The acquisition is part of the strategy to expand its downstream polyester business, Reliance Industries said on September 10.

On BSE, shares of the company opened at Rs 2,573.70 and rose 0.98 per cent to touch Rs 2,611.40 apiece. It settled at Rs 2,597.60, up 1.13 per cent.

At the end of Monday's session, the market cap of Reliance Industries stood at Rs 17,57,336.86 crore.

Shares of Reliance Industries opened at Rs 2,570.55, and finally ended 1.10 per cent higher at at Rs 2,597.60 apiece on NSE.

Meanwhile, the 30-share benchmark index Sensex climbed 321.99 points or 0.54 per cent to a three-week high of 60,115.13 points.

"Reliance Petroleum Retail Ltd (under name change to 'Reliance Polyester Ltd'), a wholly-owned subsidiary of the company, today executed definitive documents to acquire polyester business of Shubhalakshmi Polyesters Ltd and Shubhlaxmi Polytex Ltd for cash consideration of Rs 1,522 crore and Rs 70 crore respectively, aggregating to Rs 1,592 crore by way of slump sale on a going concern basis," the firm had said.
 

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