RattanIndia Enterprises hits record high after acquiring 1.02 lakh equity shares of RattanIndia Investment Manager

The company would be undertaking the business of Investment Management in pursuance of the objects enshrined in its Memorandum of Association as recently altered.

Jun 21, 2021 09:06 IST India Infoline News Service

RattanIndia Enterprises Limited (REL) has acquired 1,02,000 Equity Shares of RattanIndia Investment Manager Private Limited, representing 100% of its paid-up capital, therefore making it a wholly-owned subsidiary of REL.

“The acquisition falls within the ambit of related party transactions. The promoter/promoter group has interest in the Investee Company and holds indirectly 100 percent of the shares in the Investee Company,” RattanIndia said in a filing on Sunday.

“The investee Company would be undertaking the business of Investment Management in pursuance of the objects enshrined in its Memorandum of Association as recently altered,” it added.

The company stock hit a fresh 52-week of Rs31.70 per piece on Monday morning. Each stock was trading at Rs31.65 per piece up Rs1.45 or 4.80% on the BSE at around 9.25 am. 

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