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| Exchange Received Time 02/03/2019 19:53:14 Exchange Disseminated Time 02/03/2019 19:53:21 Time Taken 00:00:07 | Reliance Industrial Investments and Holdings Limited ('RIIHL'), a wholly-owned subsidiary of Reliance Industries Limited ('RIL' or the 'Company') has entered into an agreement for acquisition of equity shares of C-Square Info Solutions Private Limited ('C-Square') for a cash consideration not exceeding INR 22,04,17,318/- (Indian Rupees Twenty Two Crore, Four Lakh Seventeen Thousand Three hundred and Eighteen only). RIIHL will further invest an amount of up to INR 60,00,00,000/- (Indian Rupees Sixty crore only) and is likely to be completed by March 2021.The total investment will translate into ~82% of equity capital in C-Square on a fully diluted basis.
C-Square is a software company incorporated on 18 July, 2002. C-Square provides software solutions with specific focus on pharma sector for various stakeholders including C&F, distributors, retailers, online ecommerce, sales force automation, etc.
C-Square has a Turnover of INR 13.5 crore, INR 13.7 crore and INR 9.9 crore, and Net Profit (Loss) of INR 41.24 lakh, INR 88.06 lakh and INR 83.65 lakh in FY 2018, FY 2017 and FY 2016 respectively.
The aforesaid investment will further enable the group's digital commerce initiatives and solutions.
No regulatory approvals are required for this investment. The investment does not fall within related party transactions and none of RIL's promoter / promoter group / group companies have any interest in the transaction.
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