Reliance Brands buys 8 pc additional stake in Genesis Colors
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Reliance Industries Ltd on Saturday said its subsidiary has purchased additional 8.14 percent stake in luxury fashion retail firm Genesis Colors for about Rs 34.17 crore.
“Reliance Brands, a subsidiary of the company, has purchased an additional 8.14 percent equity stake in luxury fashion retail firm Genesis Colors Limited for about Rs 34.17 crore, taking its total stake in GCL to 9.29 percent,” RIL said in a filing.
According to a PTI report: GCL was incorporated in November, 1998 and is in retailing and wholesale business of branded readymade garments, bags, footwear and accessories directly and through its subsidiary/ joint ventures.
“GCL belongs to a similar industry as Reliance Brands Limited. This acquisition will add to the existing portfolio of branded fashion retail outlets,” the filing said.
GCL’s had provisional annual turnover of Rs 86.02 crore in fiscal year 2017-18. It had turnover of Rs 80.04 crore and Rs 114.16 crore in 2016-17 and FY 2015-16, respectively, the filing added.
Questions & Answers
Q.What is the total stake Reliance Brands now holds in Genesis Colors?
What is the total stake Reliance Brands now holds in Genesis Colors?
Reliance Brands has purchased an additional 8.14 percent equity stake in Genesis Colors, taking its total holding in GCL to 9.29 percent following this transaction.
Q.How much did Reliance Brands pay for this additional stake in Genesis Colors?
How much did Reliance Brands pay for this additional stake in Genesis Colors?
Reliance Brands paid approximately Rs 34.17 crore for the additional 8.14 percent stake in the luxury fashion retail firm, Genesis Colors. This figure was stated in the filing.
Q.What kind of business does Genesis Colors operate in?
What kind of business does Genesis Colors operate in?
Genesis Colors is involved in the retailing and wholesale business of branded readymade garments, bags, footwear, and accessories. This is conducted directly and through its subsidiary or joint ventures.
Q.What was Genesis Colors' turnover in the most recent fiscal year mentioned?
What was Genesis Colors' turnover in the most recent fiscal year mentioned?
Genesis Colors' provisional annual turnover was Rs 86.02 crore in the fiscal year 2017-18. Turnover was Rs 80.04 crore in 2016-17 and Rs 114.16 crore in 2015-16.
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