Reliance Infrastructure Ltd.'s subsidiary Reliance Velocity Ltd. incorporated two new subsidiaries to carry out business in automobile and related sectors, the company said in an exchange filing Friday. The new two entities are Reliance MoEVing Pvt. Ltd. and Reliance GreenTech Mobility Pvt. Ltd.
The object of forming two subsidiaries is to deal in and manufacture vehicles run by electricity, batteries or otherwise and their components, the exchange filing said. The authorised paid-up share capital of both the companies is Rs. 1 lakh each, comprising of 10,000 equity shares of Rs. 10 per share.
Reliance MoEVing Pvt. Ltd. and Reliance GreenTech Mobility Pvt. Ltd. are newly incorporated and yet to start business operations, Reliance infrastructure said in the exchange filing.
Reliance Infrastructure share price closed 1.86% higher at Rs 292.40 apiece on Friday after snapping a two-day declining streak. During the session, it hit a 5% upper circuit and rose to Rs 301.40 apiece.
The stock rose 21.78% in 12 months. Total traded volume was at 1.9 times its 30-day average. The relative strength index was at 45.47.
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