Reliance Share Price Gains on Additional Investment by Silver Lake Co-investors
Reliance Retail currently operates close to 11,784 stores across the country. (Phoro: Reuters)
Reliance Industries (RIL) share price went up 1% percent after the company said co-investors of private equity giant Silver Lake will invest an additional Rs 1,875 crore in its retail unit.
Reliance Industries was trading at Rs 2,251.35, up Rs 17.60, or 0.79 percent. It has touched an intraday high of Rs 2,264.00 and an intraday low of Rs 2,249.
The deal underscores growing investor interest in Reliance Retail, which is led by Asia's richest man Mukesh Ambani. Reliance is seeking investors for its retail arm after raising more than $20 billion in recent months for its digital unit.
Earlier in September, Silver Lake had announced a 75 billion rupees ($1.02 billion) investment in Reliance Retail, and the total investment by the US private equity firm and its co-investors now stood at 93.75 billion rupees ($1.27 billion).
The company also received subscription amount of Rs 1,894.50 crore from Intel Cap for Jio platforms and received subscription amount of Rs 730 crore from Qualcomm for Jio platforms, Moneycontrol reported.
Earlier, Private equity firm General Atlantic said it will invest Rs 3,675 crore in Reliance Retail, in its second deal with Reliance Industries (RIL) this year.
KKR and Silver Lake Partners had earlier in September invested Rs 5,550 crore and Rs 7,500 crore respectively in RRVL. Both transactions valued RRVL at a pre-money equity value of Rs 4.21 lakh crore.
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