Facebook Overseas acquires 30% stake in RIL firm for ₹257 crore

Reliance Industries Ltd (RIL) on Wednesday informed stock exchanges that Reliance Enterprise Intelligence Ltd (REIL), its step-down wholly owned subsidiary has allotted 85,31,75,000 equity shares of face value of ₹10 each, at par to Reliance Intelligence Ltd (Reliance Intelligence), its wholly owned subsidiary and Facebook Overseas, Inc. (Facebook), a wholly owned subsidiary of Meta Platforms, Inc.

While 59,66,22,500 equity shares aggregating ₹596.6 crore have been allotted to Reliance Intelligence, 25,65,52,500 equity shares aggregating ₹256.6 crore were allotted to Facebook Overseas, Inc. 

“Post the aforesaid allotment, Reliance Intelligence holds 70% of the total equity capital of REIL and the balance 30% is held by Facebook,” RIL said in the filing.

Consequently, REIL has ceased to be a step-down wholly owned subsidiary and has become a step-down subsidiary of the company, it said.

“All necessary approvals have been obtained for the said investment. The transaction between REIL and Facebook is not a related party transaction. The transaction between REIL and Reliance Intelligence is a related party transaction and is on arm’s length basis,” it said.

“None of the Company’s promoter / promoter group / group companies have any interest in the above transaction,” it added.