RattanIndia Enterprises hits new 52-week high on acquiring entire stake in RattanIndia Investment
RattanIndia Enterprises Ltd (REL), a business conglomerate with interests in electric power distribution and finance announced today that it has acquired 1.02 lakh equity shares of RattanIndia Investment Manager Pvt Ltd (investee company), which represents 100 per cent of its paid-up capital. This makes the latter, a wholly-owned subsidiary of REL.
The cost of this acquisition stands at Rs 25,000 and was paid in cash. Post this acquisition, RattanIndia Enterprises will now carry out the investment management business via the investee company.
The investee company will undertake the business of investment management in pursuance of the objects enshrined in its memorandum of association (MoA) as recently altered. The business turnover of the investee company during FY20 and FY21 stood at Rs 10,000.
Reacting to this development, at 12.53 pm, the share price of the company was trading at Rs 31.70 on BSE, which was an increase of 4.97 per cent over its previous closing price of Rs 30.20.