NEW DELHI: Shares of Reliance Industries (RIL) jumped nearly 4 per cent in early trade on Monday after the Competition Commission approved the company’s proposed acquisition of retail, wholesale, logistics and warehousing businesses of Future Group.
Future Group stocks were also in heavy demand, rising up to 10 per cent.
RIL stock gained 3.72 per cent to Rs 1,970 on the BSE.
On the NSE, it jumped 3.67 per cent to Rs 1,969.35.
Besides, Future Retail zoomed 9.95 per cent to Rs 79 — its upper circuit limit, Future Lifestyle Fashions gained 9.99 per cent to Rs 90.30 and Future Enterprises Ltd shares rose by 4.92 per cent to its highest trading permissible limit for the day at Rs 10.45 on the BSE.
The Rs 24,713-crore deal that would boost Reliance Industries’ fast-growing retail business was announced in August.
In a tweet on Friday, the regulator said it has approved “acquisition of retail, wholesale, logistics and warehousing businesses of Future Group by Reliance Retail Ventures Limited and Reliance Retail and Fashion Lifestyle Limited”.
Deals beyond a certain threshold require approval of the Competition Commission of India (CCI), which keeps a tab on unfair business practices across sectors.
Source From : Times Of India