Reliance Industries shares gained nearly 2 per cent on the BSE, propelling the markets above the 50,000 mark, after SEBI on late Wednesday night granted approval to Reliance Industries’ Rs 24,713-crore deal to buy Future Group’s retail assets, in a blow to Amazon’s efforts to block the agreement. At 9:20 am, the shares of Reliance Industries were trading at Rs 2092.90, higher by Rs 38 or 1.86 per cent on the BSE on the back of the news development. The shares have touched an intra-day high of Rs 2093 and a low of Rs 2075 thus far.
The Bombay Stock Exchange (BSE) also granted its “no adverse observation” report to the deal after clearance from the market regulator, with some riders.
In August 2020, Kishore Biyani had entered into a Rs 24,713 crore agreement with Reliance Retail. Under the terms of the deal, Future Group would sell its retail, wholesale, logistics and warehouse businesses to Reliance Retail Retail Ventures (RRVL).
At 9:35 am, the BSE Sensex was going strong above the 50,000 mark at 50,089.95, up 293 points or 0.59 per cent and the NSE Nifty was trading at 14,727.852, up 81.10 points or 0.56 per cent.