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India's Reliance Entertainment reduces ownership to 14.2 per cent of Codemasters

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India's Reliance Entertainment reduces ownership to 14.2 per cent of Codemasters

Indian entertainment firm Reliance's stake in UK racing firm Codemasters has more-than halved in the last year

When the British development icon did its initial public offering on June 1st, 2018, the Indian firm owned 28.5 per cent of the company. Today that figure stands at just 14.2 per cent after the firm sold off 14.3 per cent of Codemasters shares on Friday, June 21st.

Reliance sold 60 per cent of its stake in Codemasters in May 2018 back to the company ahead of the racing firm's IPO. But the Indian entertainment giant also signed a "lock-in" agreement, prohibiting them from selling shares for another year. Now that has passed, the firm has been selling its remaining stake in the company.

No longer listed

As a result, Reliance's Anil Dhirajlal Ambani is no longer listed as "a person with significant control" in Codemasters Group Holdings, per a filing with the UK's Companies House yesterday (Wednesday, June 27th).

Reliance acquired 50 per cent of Codemasters back in April 2010, increasing its stake in the racing firm to 60.41 per cent in June 2013, making it the majority owner.

Head on over to PCGamesInsider.Biz for the full story.