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The acquisition was made by subscribing to 1 crore equity shares worth Rs 10 crore and allotting 36.50 crore optionally fully convertible debentures (OFCDs) for Rs 365 crore in Karkinos. As part of the acquisition, Karkinos has cancelled 30,075 outstanding equity shares held by the previous shareholders in accordance with the approved resolution plan. With the completion of the equity share allotment to RSBVL and the cancellation of existing shares, Karkinos is now a step-down wholly-owned subsidiary of Reliance Industries. Karkinos was incorporated in India on 24 July 2020, and is in the business of providing technology-driven, innovative solutions for the early detection, diagnosis, and management of cancer. The company reported a turnover of Rs 21.91 crore for FY 2023, compared to Rs 0.92 crore in FY 2022 and Rs 0.004 crore in FY 2021. The acquisition of Karkinos will help expand the health services business portfolio of the Reliance group. The resolution plan for Karkinos was approved by the Hon'ble National Company Law Tribunal (NCLT), Mumbai Bench, and no additional governmental or regulatory approvals were needed for the transaction. The company clarified that the investment does not fall under a related party transaction, and neither the company's promoters nor its group companies have any interest in the deal. Earlier, on 10, December 2024, Reliance announced that the NCLT had approved the resolution plan submitted by RSBVL for Karkinos under the Corporate Insolvency Resolution Process of the Insolvency and Bankruptcy Code, 2016. Reliance Industries (RIL) is India's largest private sector company. Its activities span hydrocarbon exploration and production, petroleum refining and marketing, petrochemicals, renewables (solar and hydrogen), retail and digital services. RIL had reported a 3.6% fall in consolidated net profit to Rs 19,101 crore in Q2 FY25 from Rs 19,820 crore in Q2 FY24. Gross revenue rose by 0.8% YoY to Rs 258,027 crore in the second quarter. The scrip had rose 0.36% to end at Rs 1,220.95 on the BSE on Friday. Powered by Capital Market - Live News |