Shares of Reliance Industries (RIL) climbed around 1.5 per cent higher during the morning trade on Wednesday after the oil-to-telecom giant’s retail arm Reliance Retail Ventures Ltd (RRVL) acquired a majority stake in online pharmacy Vitalic Health Pvt Ltd and its subsidiaries — known as Netmeds — for a cash consideration of around Rs 620 crore.
The RIL stock climbed 1.47 per cent to Rs 2150 apiece on the BSE, while on the National Stock Exchange (NSE) it touched Rs 2151.50, gaining 1.56 per cent. However, the stock lost some steam and gave up some of its gains by afternoon.
At 1:24 pm, RIL was trading at Rs 2137.40 apiece, up 0.88 per cent on the BSE, while on NSE, it was at Rs 2,138.40, up 0.94 per cent. So far in the intraday trade, over 3.35 lakh shares were traded on the BSE, while over 80.78 lakh shares exchanged hands on NSE, data from the respective stock exchanges showed.
The investment represents 60 per cent holding in the equity capital of Vitalic and 100 per cent direct equity ownership of its subsidiaries — Tresara Health Private Ltd, Netmeds Market Place Ltd and Dadha Pharma Distribution Pvt Ltd, RIL said in a late-night announcement.
In a separate filing to the stock exchanges, RIL said that RRVL will further acquire equity stake in Vitalic, through a mix of secondary purchase and primary investment, for at least 80 per cent stake by April 2024, with an option to increase to 100 per cent ownership.
Netmeds is promoted by Chennai-based Dadha Pharma. It has served over 5.7 million customers in more than 670 cities and towns.
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