REL arm buys 7.17% in Zodiac

Reliance Energy Investments Pvt Ltd, a subsidiary of Reliance Energy Ltd (REL) has acquired 300,000 equity shares aggregating 7.17 per cent voting rights of Zodiac Clothing Company Ltd of a nominal value of Rs 10 each, at Rs 400 per share. The company has informed the NSE that the acquisition is by way of a preferential share allotment.

The REL spokesman declined to offer any comment in this regard.

Zodiac has also informed the Bombay Stock Exchange that it has allotted 3,00,000 equity shares to Reliance Energy Investments Pvt Ltd of a nominal value of Rs 10 each at a price of Rs 400 per share.

Zodiac, recently cleared the issue of the above equity shares to part-fund capital expenditure need, investment in subsidiary firms and meet its working capital requirements.