Reliance Industries share rose nearly 3% in early trade today after RIL said Saudi Arabia sovereign wealth fund Public Investment Fund (PIF) would invest Rs 9,555 crore (approximately $1.3 billion) into Reliance Retail for an equity stake of 2.04 per cent. The investment would value RRVL at a pre-money equity value of Rs 4.587 lakh crore (approximately $62.4 billion).
Share of Mukesh Ambani-led RIL rose 2.96% to Rs 2013 against previous close of Rs 1955 on BSE.
The stock has gained 7.49% in the last 3 days. The share trades higher than 5 day and 200 day moving averages but lower than 20 day, 50 day and 100 day moving averages.
Total 3.21 lakh shares changed hands amounting to turnover of Rs 65.65 crore.
Market cap of the firm rose to Rs 13.55 lakh crore on BSE.
The share has gained for the fourth straight session. On November 2, Reliance Industries investors saw a reduction of Rs 1.2 lakh crore in their wealth after the share closed nearly 9% lower post weak Q2 earnings.
Market cap of the firm ended at Rs 12.69 lakh crore, a fall of Rs 1.2 lakh crore from Friday's close of Rs 13.89 lakh crore. The share fell 9.46% intra day to Rs 1860 against previous close of Rs 2054. Later, the stock closed 8.62% or Rs 177 lower at Rs 1877 on BSE.
PIF has already invested Rs 11,367 crore (approximately $1.5 billion) in RIL's telecom arm Reliance Jio for an equity stake of 2.32 per cent.
PIF's investment is in line with its strategy as a leading global investor with a track record of investing in innovative and transformative companies globally, stated Reliance Retail. PIF joins a bunch of investors such as Mubadala, KKR, Silver Lake, GIC, TPG and Abu Dhabi Investment Authority to invest in Reliance Retail.
Copyright©2022 Living Media India Limited. For reprint rights: Syndications Today