RIL announced that the company has acquired the stake in Vitalic Health and its subsidiaries, which is known as Netmeds, for around Rs 620 crore in cash.
Reliance Industries (RIL) share price gained nearly 1.5 per cent to trade at Rs 2,150 apiece on BSE after Mukesh Ambani controlled oil-to-telecom conglomerate announced acquisition of a majority stake in digital pharmacy startup Netmeds by its subsidiary Reliance Retail Ventures Limited (RRVL). The market capitalisation of the company stood at Rs 13.52 lakh crore at the time of writing. Last month, RIL became the first Indian company to have a market capitalisation of Rs 13 lakh crore and made a place into the top 50 most valued companies globally. The stock hit 52-week an all-time high of Rs 2,198.70 apiece on July 27. It had touched a 52-week low of 868 apiece on BSE in March this year. “Reliance Industries is currently in consolidation between (Rs) 2020-2200 levels one should buy RIL stock only above 2200. There are various news flows such as entry in retail and online business, telecom AGR case and new investment in RIL. But most of the news has already been factored in,” Vishal Wagh, Head of Research, Bonanza Portfolio Ltd, told Financial Express.
At 11 AM, RIL shares were trading 0.58 per cent higher at Rs 2,131 apiece on BSE, as compared to a 0.47 per cent rise in the benchmark S&P BSE Sensex. RIL, in a press release yesterday, announced that the company has acquired the stake in Vitalic Health and its subsidiaries, which is known as Netmeds, for around Rs 620 crore in cash. It also informed that RRVL will further acquire equity stake in Vitalic, through a mix of secondary purchase and primary investment, for at least 80 per cent stake by April 2024, with an option to increase to 100 per cent ownership. According to a recent Bloomberg report, RIL is in various stages of negotiations to either buy out or purchase stakes in Urban Ladder, an online furniture seller and Zivame, a lingerie maker.
So far, the oil, retail and telecommunications conglomerate has raised around Rs 1.52 lakh crore from leading technology companies including Facebook, Google, among others in exchange for a total of 32.8 per cent equity stake sale in its digital arm Jio Platforms. Reliance Industries has also raised funds through Rs 53,124 crore mega rights issue and sale to British energy giant BP in the petro-retail joint venture to become net debt-free nine months ahead of its deadline of March 2021.