Reliance Industries shares close nearly 1 pc higher after Netmeds deal

This investment represents around 60 per cent holding in the equity share capital of Vitalic and 100 per cent direct equity ownership of its subsidiaries -- Tresara Health Private Limited, Netmeds Market Place Limited and Dadha Pharma Distribution Pvt Limited, the statement said.

Shares of Reliance Industries on Wednesday climbed nearly 1 per cent following the announcement of acquisition of 60 per cent stake in e-pharmacy Netmeds for Rs 620 crore. The heavyweight stock closed at Rs 2,133.20, a gain of 0.68 per cent on the BSE. During the day, it jumped 1.66 per cent to Rs 2,154.

On the NSE, it rose by 0.61 per cent to close at Rs 2,131.55. In traded volume terms, 7.59 lakh shares were traded at the BSE and 1.57 crore units on the NSE during the day.

Reliance Retail Ventures Ltd has acquired a majority equity stake in digital pharma market place Netmeds for a cash consideration of around Rs 620 crore, Reliance Industries said in a late night statement on Tuesday. This investment represents around 60 per cent holding in the equity share capital of Vitalic and 100 per cent direct equity ownership of its subsidiaries -- Tresara Health Private Limited, Netmeds Market Place Limited and Dadha Pharma Distribution Pvt Limited, the statement said. Vitalic Health and its subsidiaries are collectively known as Netmeds. Netmeds is a fully licensed e-pharma portal which offers authenticated prescription and Over the Counter (OTC) medicine along with other health products. It is promoted by Dadha Pharma, a Chennai-based company.