Reliance Industries' subsidiary invests nearly Rs 107 crore in US-based startup
According to the company's statement, on conversion of the investment or preferred shares, Reliance Industrial Investments and Holdings Ltd (RIIHL) will get 40% of the equity or 1.50 crore shares of NetraDyne.
Reliance Industries has invested $16 million (about Rs 107 crore) in the US-based tech startup NetraDyne.
The company's wholly-owned subsidiary, "Reliance Industrial Investments and Holdings Ltd (RIIHL) is investing $16 million in Compulsorily Convertible Preferred Shares of a technology startup, NetraDyne Inc, USA," it said in a stock exchange filing on Wednesday.
Half of the payment was done by May 30 and the next tranche will be done by May 30 next year.
According to the statement, on conversion of the investment or preferred shares, RIIHL will get 40% of the equity or 1.50 crore shares of NetraDyne.
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