Reliance Industries acquires Nowfloats
Reliance Strategic Business Ventures Limited (RSBVL) has acquired equity shares of NowFloats Technologies Pvt. Ltd. (Nowfloats) for a cash consideration of Rs. 141.63 crores.
As a result of the investment, RSBVL, now, has 85 per cent holding in the equity share capital of Nowfloats. The company intends to make another investment of nearly Rs. 75 crores by December 2020 post achieving the agreed milestone. With the increase in further investment, the shareholding of RSBVL will increase to 89.66 per cent of the equity share capital of Nowfloats. This acquisition will enable the group’s digital and new commerce initiatives.
Nowfloats, incorporated in India, offers SaaS solutions to Small and Medium Enterprises (SMEs), enabling them to get a digital presence. Other solutions include local content discovery platform, online business management suite, website promotion or marketing solutions, and various other offerings for SMEs.
Reliance Strategic Business Ventures Limited (RSBVL) is a wholly owned subsidiary of Reliance Industries Limited (RIL).
Despite the news, on Thursday, the stock of the company was trading flat at Rs. 1,563.85, up by 0.08 per cent or Rs. 1.25 per share. The 52-week high is Rs. 1,614 and 52-week low is Rs. 1,066.55 on BSE.