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Reliance Retail receives Rs 7,500 cr from Silver Lake for 1.75% stake

Reliance Industries (RIL) on Saturday (26 September 2020) announced that its subsidiary, Reliance Retail Ventures, had received the subscription amount of Rs 7,500 crore from SLP Rainbow Holdings (Silver Lake).

"Reliance Retail Ventures has allotted equity shares to SLP Rainbow Holdings following which SLP Rainbow Holdings holds 1.75% of the fully diluted equity share capital of Reliance Retail Ventures," RIL said in a statement.

On 9 September 2020, RIL had announced that Silver Lake would invest Rs 7,500 crore in Reliance Retail Ventures at an equity value of Rs 4.21 lakh crore.

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 engaged 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.

The conglomerate reported a 31% jump in consolidated net profit to Rs 13,248 crore in Q1 June 2020 compared with Rs 10,141 crore in the corresponding period of last year. Consolidated total income for the quarter stood at Rs 95,626 crore, down 42.11% compared with Rs 165,199 crore year-on-year.

RIL shares rose 0.94% to Rs 2201.70 on Friday. In the past six months, the stock has gained 103.63% while the benchmark S&P BSE Sensex added 31.02% during the same period.

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