Reliance Brands Ltd, a subsidiary of Reliance Industries Ltd (RIL), has purchased an additional 8.14 per cent equity stake in Genesis Colors Ltd (GCL) for about ₹34.17 crore, taking its total stake to 9.29 per cent. GCL belongs to a similar industry as Reliance Brands, and the stake will add to its existing portfolio of branded fashion retail outlets.
Reliance Brands Ltd, a subsidiary of Reliance Industries Ltd (RIL), has purchased an additional 8.14 per cent equity stake in Genesis Colors Ltd (GCL) for about ₹34.17 crore, taking its total stake to 9.29 per cent. GCL belongs to a similar industry as Reliance Brands, and the stake will add to its existing portfolio of branded fashion retail outlets.#
“Reliance Brands Limited has purchased an additional 8.14 per cent equity stake in GCL for about ₹34.17 crore, taking its total stake in GCL to 9.29 per cent,” RIL said in its disclosure under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
Reliance Brands Ltd, a subsidiary of Reliance Industries Ltd (RIL), has purchased an additional 8.14 per cent equity stake in Genesis Colors Ltd (GCL) for about ₹34.17 crore, taking its total stake to 9.29 per cent. GCL belongs to a similar industry as Reliance Brands, and the stake will add to its existing portfolio of branded fashion retail outlets.#
No regulatory approvals were required for the said acquisition of shares, as the investment does not fall within related party transaction and none of RIL’s promoter/promoter group/group companies have interest in GCL, RIL said.
Reliance Brands Ltd, a subsidiary of Reliance Industries Ltd (RIL), has purchased an additional 8.14 per cent equity stake in Genesis Colors Ltd (GCL) for about ₹34.17 crore, taking its total stake to 9.29 per cent. GCL belongs to a similar industry as Reliance Brands, and the stake will add to its existing portfolio of branded fashion retail outlets.#
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.
Reliance Brands Ltd, a subsidiary of Reliance Industries Ltd (RIL), has purchased an additional 8.14 per cent equity stake in Genesis Colors Ltd (GCL) for about ₹34.17 crore, taking its total stake to 9.29 per cent. GCL belongs to a similar industry as Reliance Brands, and the stake will add to its existing portfolio of branded fashion retail outlets.#
GCL’s annual turnover in FY 2017-18 was ₹86.02 crore (provisional). GCL reported a turnover of ₹80.04 crore and ₹114.16 crore in FY 2016-17 and FY 2015-16, respectively.
Reliance Brands Ltd, a subsidiary of Reliance Industries Ltd (RIL), has purchased an additional 8.14 per cent equity stake in Genesis Colors Ltd (GCL) for about ₹34.17 crore, taking its total stake to 9.29 per cent. GCL belongs to a similar industry as Reliance Brands, and the stake will add to its existing portfolio of branded fashion retail outlets.#
Earlier this month, Reliance Brands had purchased 12.5 per cent equity stake in luxury apparel firm Future101 Design Private Limited (Future101) for ₹9.5 crore. (RKS)
Reliance Brands Ltd, a subsidiary of Reliance Industries Ltd (RIL), has purchased an additional 8.14 per cent equity stake in Genesis Colors Ltd (GCL) for about ₹34.17 crore, taking its total stake to 9.29 per cent. GCL belongs to a similar industry as Reliance Brands, and the stake will add to its existing portfolio of branded fashion retail outlets.#
ALCHEMPro News Desk – India
marketing@alchempro.com
