Reliance to acquire assets of Kemrock Industries

Reliance to acquire assets of Kemrock Industries”

Share price of Reliance Industries, India's most valued company, almost halved on Thursday as it went ex-bonus from today.

RIL had decided September 09, 2017 as the record date for determining members eligible for bonus shares of the company. So investors buying RIL shares today, won't get bonus shares. The Mukesh Ambani-led company had earlier announced a 1: 1 bonus share issue. The first bonus issue was in November 2009. It has gained more than 8 percent in seven consecutive sessions. Jio's plan, priced at Rs. 153 for JioPhone, will offer its customers free voice calls, unlimited data and 300 free SMS in a month. In the first tranche of JioPhone booking, which opened on August 24, Reliance Jio has reportedly received almost received around 6 million bookings.

Reliance Industries is the top company by market capitalisation on BSE with m-cap of Rs 5,34,859.43 crore as per the Wednesday's closing of Rs 1,644.6 per share.

Reliance Industries Ltd (RIL) is acquiring assets of Kemrock Industries and Exports Ltd, a Gujarat-based manufacturer of fibre reinforced composite materials, the company said.

"Reliance Industries Ltd participated in an online e-bidding process held recently by Allahabad Bank being leader of the consortium of 11 Banks to sell / dispose off assets of "Kemrock Industries & Exports Limited" of Vadodara (Gujarat) and has been declared as the victor in the said bid", the Mukesh Ambani-controlled diversified conglomerate said in a statement yesterday.

The company was put up for sale by a group of 11 lenders, including Allahabad Bank, Karur Vysya Bank, Union Bank of India, State Bank of India, ICICI Bank and others.

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