RIL share price rises as company agrees to buy remaining stocks in IMG-Reliance
The reliance share price rose in early trade on December 28 as the company said it will buy IMG Worldwide’s 50 percent stake in the joint venture entity.
IMG Reliance Limited (IMG-R) is a joint venture between IMG Worldwide LLC (IMG) and RIL.
IMG Singapore Pte. Ltd., a wholly-owned subsidiary of IMG, holds 50 percent of the share capital of IMG-R.
The company has entered into definitive agreements to acquire the shares held by IMG Singapore Pte. Ltd in IMG-R for a cash consideration not exceeding Rs 52.08 crore, as per the press release.
Post completion of the acquisition, IMG-R will become a wholly-owned subsidiary of RIL and will be rebranded.