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RIL gains as Silver Lake to buy additional stake in RRVL

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Reliance Industries rose 1.06% to Rs 2,257.50 after the company announced that Silver Lake would invest an additional Rs 1,875 crore its subsidiary Reliance Retail Ventures (RRVL).

Reliance Industries (RIL) and Reliance Retail Ventures (RRVL) announced after market hours on Wednesday that co-investors of Silver Lake will invest an additional Rs 1,875 crore into RRVL, a subsidiary of RIL. This brings the aggregate investment by Silver Lake and its co-investors in RRVL to Rs 9,375 crore, which will translate into a 2.13% equity stake in RRVL on a fully diluted basis.

This latest investment values Reliance Retail at a pre-money equity value of Rs 4.285 lakh crore. The transaction is subject to regulatory and other customary approvals.

Reliance Retail, a subsidiary of RRVL, operates India's largest, fastest growing and most profitable retail business serving close to 640 million footfalls across its ~12,000 stores nationwide.

With more than $60 billion in combined assets under management and committed capital and a focus on the world's great tech and tech-enabled opportunities, Silver Lake is the global leader in large-scale technology investing.

RIL is India's largest private sector company. Its activities span hydrocarbon exploration and production, petroleum refining and marketing, petrochemicals, retail and digital services.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

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First Published: Thu, October 01 2020. 09:16 IST
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