Reliance Strategic Business Ventures Limited – a wholly-owned subsidiary of billionaire Mukesh Ambani-led Reliance Industries acquired a majority stake of around 80 per cent in silico technology company – Strand Life Sciences Private Limited for Rs 393 crore.
The multinational conglomerate arm acquired 2.28 crore equity shares of Rs 10 each of Strand Life Sciences Private Limited, according to a regulatory filing by Reliance Industries to the stock exchanges on Friday, September 3.
For the acquisition, a further investment of Rs 160 crore is expected to be completed by March 2023 and the total investment will translate into a 80.3 per cent of equity share capital in Strand Life Sciences on a fully diluted basis, according to the statement.
Incorporated in 2000, Strand Life Sciences is a pioneer of genomic testing in India with bioinformatics software and clinical research solutions to healthcare providers including hospitals, clinicians, medical devices manufacturers, as well as pharmaceutical companies. The company’s turnover was Rs 88.70 crore in the financial year 2020-21.
On Friday, shares of Reliance Industries settled 4.12 per cent higher at Rs 2,388.25 apiece on the BSE. Reliance opened on the BSE at Rs 2,307.50, swinging to an intra day high of Rs 2,394.30 and an intra day low of Rs 2,306.80, throughout the trading session today.
Reliance shares rallied more than four cent during the trading session, a day after the company’s retail venture – Reliance Retail acquired a controlling stake in search engine platform Just Dial.
The market valuation of the country’s most valuable company rose above Rs 15 lakh crore with today’s price surge on the bourses.