Mumbai, Feb 26 (.) Reliance Industries Ltd (RIL) has officially announced to the stock exchange in a regulatory filing that Reliance Enterprise Intelligence Ltd (REIL) has become a step-down subsidiary of the company, after it allotted 30 per cent of its shares to a unit of global tech giant Meta (Facebook).
Earlier, REIL was the step-down wholly owned subsidiary of RIL. After the allotment of 30 pc shares to Meta, Reliance Intelligence, the wholly owned subsidiary of REIL, will own 70 pc of the total equity capital in the company, the statement mentioned, saying that the remaining 30 pc of shares will be held by Facebook Overseas, which is a wholly owned subsidiary of Meta Platforms.

The company statement mentioned that REIL has allotted 85,31,75,000 equity shares of a face value of Rs 10 each at par to Meta Platforms.
Of this, 59,66,22,500 equity shares, which amount to Rs 596.6 crore, were allotted to Reliance Intelligence. The remaining 25,65,52,500 shares, aggregating Rs 256.6 crore, have been allotted to a unit owned by Meta Platforms.
RIL said all necessary approvals for the investment have been obtained. The transaction between REIL and Meta Platforms (Facebook) is not a related-party transaction, while the transaction between REIL and Reliance Intelligence is on an arm’s length basis, the statement mentioned.
The company added that none of its promoter or group entities have any interest in the transaction.
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