Reliance Industries arm acquires 90.5% stake of eDreams Edusoft

Reliance Industries' (RIL) subsidiary, Indiavidual Learning Private Limited (Embibe),  has acquired equity shares of eDreams Edusoft Private Limited (Funtoot) for a cash consideration of Rs71.64cr representing 90.5% holding in the equity share capital of Funtoot. RIL informed the exchanges about this development via a press release on Monday post market hours.

Embibe proposes to make a further acquisition of equity shares of up to Rs10cr, subject to Funtoot achieving agreed milestones. The further acquisition is expected to be completed by December 2021 and the shareholding of Embibe will thereafter increase to 100% of the equity share capital of Funtoot.

Funtoot, an education technology company, incorporated in India on July 09, 2010, is engaged in the business of developing e-learning products and providing practice, testing and analysis modules to the students appearing for K-12 for the subjects of mathematics and science as per methodologies developed by Funtoot. It has operations in India.

The aforesaid acquisition is expected to accelerate Embibe’s digital education technology platform development initiatives.

Stock view:
Reliance Industries Ltd ended at Rs1,566.55 down by Rs15.9 or 1% from its previous closing of Rs1,582.45 on the BSE.

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