Reliance Industries Ltd (RIL) share price gained over 1% in early trade today amid news that US private equity firm General Atlantic would invest Rs 3,675 crore in Reliance Retail. RIL share rose 1.02% to Rs 2267 intra day against previous close of Rs 2244.
The large cap stock has gained 3.49% in last four days. Reliance Industries stock is trading higher than 5 day, 20 day, 50 day, 100 day and 200 day moving averages. Market cap of the firm rose to Rs 15.28 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 14.03 lakh shares changed hands on BSE amounting to turnover of Rs 314.85 crore. RIL stock price has gained 1.37% in one week and 6.83% in one month.
General Atlantic will buy 0.84 per cent stake in Reliance Retail. This is the third investment for Reliance Retail following KKR's investment of $754 million and Silver Lake Partners' $1 billion. The investment values Reliance Retail at a pre-money equity value of Rs 4.28 lakh crore, the company stated.
In May 2020, General Atlantic invested Rs 6,598.38 crore for 1.34 per cent stake in Mukesh Ambani's Jio Platforms.
Mukesh Ambani, Chairman and MD of Reliance Industries said that he was pleased to extend his RIL's relationship with General Atlantic. "Like Reliance Retail, General Atlantic believes in the fundamental ability of digital enablement to drive progress, growth, and inclusion across India and the world. We look forward to leveraging General Atlantic's extensive expertise at the intersection of technology and consumer businesses, and two decades of experience investing in India, as we create a disruptive New Commerce platform to redefine retail in the country," he said.