Reliance Strategic Business Ventures hikes stake in SkyTran Inc.

Reliance Industries announced that Reliance Strategic Business Ventures (RSBVL), a wholly owned subsidiary of the Company, had acquired 17.37% shareholding in SkyTran Inc. on a fully diluted basis.

RSBVL acquired convertible notes in two tranches, the first one on 29 November 2019 and the second one on 23 March 2020, which got converted into shares of SkyTran Inc. on 27 April 2020 upon certain conditions being satisfied. Consequent upon this, the shareholding of RSBVL in SkyTran Inc. stood increased to 26.31% on a fully diluted basis.

Powered by Capital Market - Live News