RIL shares surged after the company struck a deal with American PE firm Silver Lake for another investment of Rs 7,500 crore in in Reliance Retail Ventures Limited (RRVL).
RIL shares have hit an all-time high after its latest deal with Silver Lake. (Photo: Reuters)
Reliance Industries Limited (RIL) shares touched an all-time high of Rs 2,200 on Thursday after rising over 2.7 per cent on the stock market.
At 10:50 am, Reliance shares were trading at Rs 2,220 a piece, up 2.71 per cent or Rs 58.65.
RIL shares surged after the company struck a deal with American PE firm Silver Lake for another investment of Rs 7,500 crore in in Reliance Retail Ventures Limited (RRVL).
According to a release issued by RIL, the fresh investment values Reliance Retail at a pre-money equity value of Rs 4.21 lakh crore.
Read | Silver Lake to invest Rs 7,500 crore in Reliance Retail
Silver Lake’s investment will translate into 1.75 per cent equity stake in Reliance Retail on a fully diluted basis, added the RIL press release.
The fresh investment marks the second billion dollar investment by Silver Lake in a Reliance Industries subsidiary after the investment of $1.35 billion in Jio Platforms earlier this year.
Reports suggest that RIL is already in talks with other investors for drawing in more capital for its retail venture.
A report on the Financial Times suggested that the Abu Dhabi Investment Authority and Saudi Arabia’s Public Investment Fund are also in talks to buy stake in Reliance’s retail business.
Another Bloomberg report suggested that KKR & Co are also likely to invest in RRVL.
Since launching its online grocery service Jiomart in May, Mukesh Ambani has been aggressively expanding RIL’s retail footprint in the country. Going forward, Reliance is expected to announce more investments for boosting its retail venture in India.
Also Read | Ambani’s Reliance buys Future Group for Rs 24,713 crore