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Reliance Industries announces acquisition of further shareholding in SkyTran Inc.

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Reliance Industries announced that its subsidiary, Reliance Industrial Investments and Holdings, had acquired 12.7% shareholding in SkyTran Inc. on a fully diluted basis with an option to further invest an amount upto USD 25 million in convertible notes.

Further, pursuant to a Composite Scheme of Arrangement approved by the National Company Law Tribunal, Ahmedabad Bench, vide order dated 05 September 2019, the said investment in SkyTran made by RIIHL has vested in Reliance Strategic Business Ventures (RSBVL), a wholly owned subsidiary of the Company.

On 06 November 2019, RSBVL has acquired further shares in SkyTran Inc. to increase its shareholding in SkyTran Inc. to 17.37% on a fully diluted basis.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Fri, November 08 2019. 10:00 IST