Mumbai, Mukesh Ambani Controlled Reliance Industries Limited (RIL) said that its Subsidiary Reliance Retail Ventures Limited (RRVL), has purchased an additional stake of 3.10 pc equity holding in Genesis Colors Limited (GCL) for a consideration of Rs 8.39 crore, taking its total stake in GCL to 19.63 pc.
This is in addition to 49.46 pc equity holding in GCL held by Reliance Brands Limited (RBL), a subsidiary of RRVL, intimation of which was given vide previous communication dated September 8, 2018.
Accordingly, the aggregate equity shareholding of RRVL and RBL in GCL stands at 69.10 pc,RIL said in a filing with BSE.
GCL was incorporated in November, 1998 and is in the business of retailing and wholesale of branded readymade garments, bags, footwear and accessories directly and through its subsidiary/Joint Ventures. This acquisition adds to the existing portfolio of branded fashion retail outlets.
No regulatory approvals were required for the said acquisition of shares. These investment do not fall within related party transaction and none of RIL’s promoter / promoter group / group companies have interest in these entities.