RIL gains 3% as Saudi fund invests Rs 9,555 crore in Reliance Retail

RIL has now recovered 9 per cent in past three trading days and erased most its losses reported post September quarter results

Shares of Reliance Industries (RIL) rose 3 per cent to Rs 2,013.75 on the BSE on Friday after the company said that Saudi Arabia’s Public Investment Fund (PIF) will invest Rs 9,555 crore ($1.29 billion) for 2.04 per cent equity stake in its retail arm.

“This investment values Reliance Retail Ventures (RRVL) at a pre-money equity value of Rs 4.587 trillion ($62.4 billion). This investment would further strengthen PIF’s presence in India’s dynamic economy and promising retail market segment,” RIL said in media release.

The PPF has signed definitive documentation to acquire a 2.04 per cent equity stake