Subsidiary of Reliance Industries acquires NEWJ
The wholly-owned subsidiary of Reliance Industries, Reliance Industrial Investments and Holdings has invested in New Emerging World of Journalism (NEWJ).
Initially, Reliance Industrial Investments and Holdings (RIIHL) has subscribed to 30,000 equity shares and 125 compulsory convertible debentures for a total of Rs. 10.3 million thus making NEWJ a subsidiary of RIIHL.
NEWJ is an early stage technology start-up incorporated in India in January 2018. NEWJ’s business focus areas are production of content for the emerging social and digital media ecosystem. Further, NEWJ will also be developing data enabled technology products which allow for integrated models of reporting and distribution.
On Wednesday, the shares of Reliance Industries opened in green at Rs. 1,132.30 per share as against Tuesday’s close of Rs. 1,127.50. At 9:48 hours, the shares of the company were trading at Rs. 1,130.15, up by 0.27 per cent or by 3.10 points. The intraday high was Rs. 1,135 and intraday low was Rs. 1,126.50 per share on the BSE. Its 52-week high was Rs. 1,328.75 and 52-week low was Rs. 861.70 per share on the BSE.
Meanwhile, the BSE Sensex was at 35,718.87 level, up by 0.58 per cent and the Nifty50 was at 10,731.35, up by 0.44 per cent.