Reliance Industries share gained nearly 4% in early trade today after the firm said a wholly owned subsidiary of the Abu Dhabi Investment Authority (ADIA) will invest Rs 5,512.50 crore into its retail arm Reliance Retail Ventures Limited (RRVL). RIL stock touched an intraday high of Rs 2262.25, rising 3.89% to Rs 2,296 on BSE. The share trades 4.81% away from 52-week high of Rs 2368.8. The stock has gained after 4 days of consecutive fall.
Reliance Industries share is trading higher than 5 day, 20 day, 50 day, 100 day and 200 day moving averages.
Later, the stock was trading at Rs 2281, 3.26% higher on BSE. This brought its market cap to Rs 15.42 lakh crore. The large cap stock hit a fresh 52-week low of Rs 867 on March 23, 2020. Since then, the stock has gained 173.12% on BSE. Total 2.28 lakh shares changed hands on BSE amounting to turnover of Rs 51.51 crore.
RIL stock price has gained 2.34% in one week and 9.78% in one month. The stock has gained 51% since the beginning of this year and risen 74.53% during last one year.
Investment by Abu Dhabi Investment Authority values Reliance Retail at a pre-money equity value of Rs 4.285 lakh crore.
"ADIA's investment will translate into a 1.20 per cent equity stake in RRVL on a fully diluted basis," RIL said in a regulatory filing.
Reliance Retail Ventures Ltd (RRVL) has raised Rs 37,710 crore from leading global investors including Silver Lake, KKR, General Atlantic, Mubadala, GIC, TPG and ADIA in less than four weeks.
Commenting on the development, Mukesh Ambani, Chairman and Managing Director of RIL, said, "We are delighted with ADIA's current investment and continued support and hope to benefit from its strong track record of over four decades of value creation globally."
"The investment by ADIA is a further endorsement of Reliance Retail's performance and potential and the inclusive and transformational New Commerce business model that it is rolling out," he added.