Reliance industries subsidiary invests $16 million in tech startup NetraDyne

MUMBAI: Reliance Industrial Investments and Holdings (RIIHL), a subsidiary of Reliance Industries is investing $16 million in compulsory convertible preferential shares of US based tech startup NetraDyne.

According to a filing by the Mukesh Ambani owned group on the Bombay stock exchange, 50% of the payment was done by 30th May and the next tranche will be done by 30th May next year.

According to the statement, on conversion of the investment or preferred shares, RIIHL will get 40% of the equity or 1.50 crore shares of Netra Dyne.