RIL soars 3% as KKR to pick 1.28% stake in Reliance Retail for Rs 5,550 cr

This marks the second investment by KKR in a Reliance subsidiary following Rs 11,367 crore-investment in Jio Platforms announced earlier this year

Shares of Reliance Industries (RIL) surged 3 per cent to Rs 2,276.50 on the BSE in the early morning deal on Wednesday after the company announced that global investment firm KKR will invest Rs 5,550 crore in Reliance Retail Ventures (RRVL) for 1.28 per cent equity share. The stock hit a record high of Rs 2,368.80 on September 16, 2020.

KKR's investment marks second investment by the investment firm in a Reliance subsidiary, following Rs 11,367 crore-investment in Jio Platforms announced earlier this year. KKR's investment values Reliance Retail at a pre-money equity value of Rs 4.21 trillion.

"KKR