Reliance Jio arm buys 100 stake in Reliance Infratel for Rs 3,720 crore | Daily News Byte

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Reliance Jio’s subsidiary Reliance Project and Property Management Services (RPPMSL) paid Rs 3,720 crore to mark the completion of its acquisition of insolvency-ridden Reliance Infratel. Reliance Industries said in a stock exchange filing that the existing paid up share capital of Reliance Infratel has been cancelled. After such cancellation, Reliance Projects and Property Management Services holds 100 percent of the share capital of Reliance Infratel.

“RITL has today allotted 50,00,000 equity shares of Rs.10 each to RPPMSL. each, for cash, totaling Rs.5 million. and 372,00,00,000 Zero Coupon Optional Fully Convertible Debentures of Rs. 10/- , totaling Rs.3,720 crore,” the application said. On December 4, 2022, Reliance Industries, in a stock exchange filing, said that the National Company Law Tribunal, Mumbai Bench in its order dated December 3, 2020, approved the resolution plan filed by Reliance Projects and Property Management Services, a wholly owned subsidiary of Reliance Industries, to acquire Reliance Infratel, pursuant to Section 31 of the Insolvency and Bankruptcy Code, 2016.

Reliance Infratel was incorporated in India on 16 April 2001 and was a subsidiary of Anil Ambani’s Reliance Communications. The turnover of Reliance Infratel for the financial years 2022, 2021 and 2020 was 1,186 million, 1,208 million and 1,322 million dinars, according to the stock records.

Reliance Infratel is one of the largest private telecom infrastructure providers in the country and the acquisition is a “synergy with the telecom operations of Reliance Jio Infocomm”. Reliance Industries’ bourse filing said that NCLT and Competition Commission of India approvals have been obtained, so no further government and regulatory approvals are required. (NEITHER)

(This story was not edited by Devdiscourse staff and was automatically generated from a syndicated feed.)

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