Mukesh Ambani’s RIL To Acquire Shubhalakshmi Polyesters For Rs 1592 cr

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Mukesh Ambani’s RIL To Acquire Shubhalakshmi Polyesters For Rs 1592 cr
13 Sep 2022
5 min read

News Synopsis

After the announcement of the purchase of Shubhalakshmi Polyesters Ltd and polyester chips manufacturer Shubhalakshmi Polyesters Ltd, shares of Reliance Industries rose nearly 1% in the morning trade Monday. Reliance Industries of Mukesh Ambani stated that the acquisition was part of its strategy to grow its downstream polyester business.

The company's shares opened at Rs 2573.70 and then rose 0.98 percent to Rs 2593.80 per share on the BSE. Similar movements were seen on NSE, where shares opened at Rs 2573.70, and then rose 0.98 percent to touch Rs 2593.80 apiece.

"Reliance Petroleum Retail Ltd (under name change to 'Reliance Polyester Ltd'), a wholly-owned subsidiary of the company, today executed definitive documents to acquire the 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 stated.

Shubhalakshmi Polyesters Limited is a public company that was founded on September 13, 2005. It is a non-government company that is registered with the Registrar of Companies in Mumbai. It has a paid-up capital of Rs. 717,069,570 and an authorized share capital of Rs. 880,000,000. It is used in textile spinning, weaving, and finishing.

Ramu Raman Agarwal, Vikas Ramu Agarwal, Gaurishankar Agarwal, Ajay Babulal Agarwal, Manoj Agarwal, Shri Ram Gupta, and Vidhi Sultania are the directors of Shubhalakshmi Polyesters Limited.

TWN Special