Reliance Industries has informed that it has acquired additional 65,956 equity shares, representing 10.9% of the equity share capital of Saavn India from the existing shareholders for a total consideration of Rs 653.93 crore on February 3, 2020. After acquisition, RIL will hold 94.4% of the equity share capital of Saavn India. No regulatory approvals were required for the said acquisition of shares. The investment does not fall within related party transaction and none of the Company's promoter/ promoter group/ group companies have interest in Saavn India.
The above information is a part of company’s filings submitted to BSE.
