Reliance gains on back of acquiring education platform Embibe
The shares of Reliance Industries surged by 0.7 per cent on Friday. The movement can be attributed to the acquisition of Artificial Intelligence (AI) based education platform Embibe.
Reliance announced the acquisition has a strategic buy aimed at holding majority stakes in India's leading AI-based education platform. Reliance will buy 72.69 per cent stake of Indiavidual Learning Private Limited from the existing investors of the firm. RIL has agreed to invest a sum of US$180 million into Embibe which will be paid over the next three years and this sum will be used towards developing the company's R&D in AI for the education sector.
Meanwhile, there is buzz in the market that RIL has jointly bid with JM Financial Asset Reconstruction Company to acquire the debt-ridden textile manufacturer Alok Industries Limited. Alok Industries owes Rs. 29,500 crore to lenders. Majority of the lenders seem to be pleased with the resolution plan offered by RIL.
At 12:50 hours, RIL was quoting at Rs 936.60, up by Rs 8.45 per share or 0.91 per cent against the previous close of Rs 927.55. Currently, it is trading at 5.70 per cent below the 52-week high price and 48.82 per cent above its 52-week low price.