RIL share price hits fresh record high on subsidiary acquiring a stake in Strand Life Sciences

 

Research house Morgan Stanley has maintained its “overweight” call with the target at Rs 2,269 a share | Avaneesh Parasar


Reliance Industries (RIL) share price rose 2 percent to hit a fresh record high of Rs 2,441.20 in the early trade on September 6 after the company’s subsidiary acquired a stake in Strand Life Sciences.

“Reliance Strategic Business Ventures (RSBVL), a wholly-owned subsidiary of Reliance Industries, has acquired 2,28,42,654 equity shares of Rs 10 each of Strand Life Sciences Private Limited for a cash consideration of Rs 393 crore only,” the company said in a press release.

A further investment of up to Rs 160 crore is expected to be completed by March 2023. The total investment will translate into around 80.3 percent of equity share capital in Strand on a fully diluted basis, the company said.

Strand is a pioneer of genomic testing in India, offering bioinformatics software and clinical research solutions to healthcare providers, including clinicians, hospitals, medical devices manufacturers and pharmaceutical companies.

Strand’s turnover was Rs 88.70 crore, Rs 109.84 crore and Rs 96.60 crore, and net profit (loss) of Rs 8.48 crore, Rs (25.04) crore and Rs (21.66) crore in FY 2021, FY 2020 and FY 2019, respectively.

The investment is part of RIL’s digital health initiatives, to foster affordable access to world-class technology and innovation-led healthcare ecosystem in India.

Research house Morgan Stanley has maintained an overweight “call” on the stock with the target at Rs 2,269 a share.

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