NowFloats, a SaaS startup owned by Reliance Industries, has become a public company, according to regulatory filings.
As a result, the company’s name has been changed from NowFloats Technologies Pvt Ltd to NowFloats Technologies Ltd. NowFloats became a public company to comply with the Securities and Exchange Board of India’s (SEBI) regulations, which require subsidiaries of a listed company to become public companies. NowFloats, on the other hand, has no immediate plans to list on stock exchanges. The news comes nearly 20 months after Reliance Industries Ltd (RIL) paid $20 million for an 85% stake in NowFloats.
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NowFloats, a SaaS startup owned by Reliance Industries, has become a public company, according to regulatory filings.
As a result, the company’s name has been changed from NowFloats Technologies Pvt Ltd to NowFloats Technologies Ltd. NowFloats became a public company to comply with the Securities and Exchange Board of India’s (SEBI) regulations, which require subsidiaries of a listed company to become public companies. NowFloats, on the other hand, has no immediate plans to list on stock exchanges. The news comes nearly 20 months after Reliance Industries Ltd (RIL) paid $20 million for an 85% stake in NowFloats.
Disclaimer
We strive to uphold the highest ethical standards in all of our reporting and coverage. We StartupNews.fyi want to be transparent with our readers about any potential conflicts of interest that may arise in our work. It’s possible that some of the investors we feature may have connections to other businesses, including competitors or companies we write about. However, we want to assure our readers that this will not have any impact on the integrity or impartiality of our reporting. We are committed to delivering accurate, unbiased news and information to our audience, and we will continue to uphold our ethics and principles in all of our work. Thank you for your trust and support.
