1. RIL arm invests $16 million in US-based startup

RIL arm invests $16 million in US-based startup

Reliance Industries has invested USD 16 million (about Rs 107 crore) in US-based tech startup NetraDyne.

By: | New Delhi | Published: June 1, 2016 9:33 PM
Padma Vibhushan awards, reliance industries, reliance products, anil dhirubhai padma vibhushan, dhirubhai ambani padma vibhushan award The company’s wholly-owned subsidiary, “Reliance Industrial Investments and Holdings is investing USD 16 million in Compulsorily Convertible Preferred Shares of a technology startup, NetraDyne Inc, USA,” it said in a stock exchange filing. (Reuters)

Reliance Industries has invested USD 16 million (about Rs 107 crore) in US-based tech startup NetraDyne.

The company’s wholly-owned subsidiary, “Reliance Industrial Investments and Holdings is investing USD 16 million in Compulsorily Convertible Preferred Shares of a technology startup, NetraDyne Inc, USA,” it said in a stock exchange filing.

Half of the payment was done by May 30 and the next tranche will be done by May 30 next year.

According to the statement, on conversion of the investment or preferred shares, RIIHL will get 40 per cent of the equity or 1.50 crore shares of NetraDyne.

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