Further to the disclosure regarding acquisition of equity shares of IMG Reliance Limited (IMG-R) from IMG Singapore Pte. Ltd, please note that the Company has, on December 28, 2020, completed the acquisition of equity shares of IMGR. Accordingly, IMG-R has become a wholly-owned subsidiary of the Company.
Consequent to the aforesaid acquisition, the holding of the Company along with IMG-R in Football Sports Development Limited (FSDL) is 65% and FSDL has become a subsidiary of the Company.
RIL had formed an equal joint venture with IMG Worldwide, an international sports marketing and management company, in 2010 to develop, market and manage sports and entertainment in India.
“The company (RIL) has entered into definitive agreements to acquire the shares held by IMG Singapore Pte Ltd in IMG-R, for a cash consideration not exceeding ₹52.08 crore,” the filing said.
IMG Singapore Pte Ltd, a wholly-owned subsidiary of IMG, holds 50 per cent of the share capital of IMG-R.
“Post completion of acquisition, IMG-R will become a wholly-owned subsidiary of the company and will be rebranded by the company,” RIL said.
“No governmental or regulatory approvals are required for the aforesaid acquisition and the acquisition is expected to be completed during this calendar year,” said RIL, adding that the acquisition does not fall within related party transactions and none of RIL’s promoters or promoter group companies have any interest in the transaction.
-AK
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