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Reliance Brands increases stake in Genesis Colors
23
Jul '18
Courtesy: Genesis Colors/Jimmy Choo
Courtesy: Genesis Colors/Jimmy Choo
Reliance Brands Ltd, a subsidiary of Reliance Industries Ltd (RIL), has purchased an additional 8.14 per cent equity stake in Genesis Colors Ltd (GCL) for about ₹34.17 crore, taking its total stake to 9.29 per cent. GCL belongs to a similar industry as Reliance Brands, and the stake will add to its existing portfolio of branded fashion retail outlets.
 
“Reliance Brands Limited has purchased an additional 8.14 per cent equity stake in GCL for about ₹34.17 crore, taking its total stake in GCL to 9.29 per cent,” RIL said in its disclosure under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
 
No regulatory approvals were required for the said acquisition of shares, as the investment does not fall within related party transaction and none of RIL’s promoter/promoter group/group companies have interest in GCL, RIL said.
 
GCL was incorporated in November 1998 and is in the business of retailing and wholesale of branded readymade garments, bags, footwear and accessories directly and through its subsidiary/joint ventures.
 
GCL’s annual turnover in FY 2017-18 was ₹86.02 crore (provisional). GCL reported a turnover of ₹80.04 crore and ₹114.16 crore in FY 2016-17 and FY 2015-16, respectively.
 
Earlier this month, Reliance Brands had purchased 12.5 per cent equity stake in luxury apparel firm Future101 Design Private Limited (Future101) for ₹9.5 crore. (RKS)
 

Fibre2Fashion News Desk – India


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