Reliance Industries restructures AI subsidiary; Meta to own 30% stake after allotment — Here’s what you need to know

New Delhi [India]February 25 (ANI): Reliance Industries Limited informed the stock exchanges that Reliance Enterprise Intelligence Limited (REIL) has ceased to be a wholly owned subsidiary of the company following a fresh equity allotment.

In a statement filed to stock exchanges under SEBI Regulation 30 (Listing Obligations and Disclosure Requirements) Regulations, 2015, Reliance Industries Limited stated that REIL has allotted 85,31,75,000 equity shares of par value. ₹10 each equally.

Total of 59,66,22,500 shares from total allotment ₹596.6 crore was allocated to Reliance Intelligence Limited, a wholly owned subsidiary of Reliance Industries Limited, while 25,65,52,500 equity shares were raised. ₹256.6 crore has been allocated to Facebook Overseas Inc., a wholly owned subsidiary of Meta Platforms Inc.

Post allotment, Reliance Intelligence Limited holds 70 percent of REIL’s total equity capital and the remaining 30 percent is held by Facebook Overseas Inc. As a result, REIL ceased to be a wholly owned subsidiary and became a reduced subsidiary of the company.

The company noted that all necessary approvals for the investment have been received. He clarified that the transaction between REIL and Facebook Overseas Inc is not a related party transaction, while the transaction between REIL and Reliance Intelligence Limited is a related party transaction conducted in accordance with market conditions.

Reliance Industries Limited also stated that none of the company’s promoter, promoter group or group companies have any involvement in this transaction. (MOMENT)