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RIL share price up nearly 2% after Silver Lake picks stake in Reliance Retail

Share price of Reliance Industries Limited (RIL) is up nearly 2 per cent on the stock exchanges on Wednesday after the US private equity firm Silver Lake Partners picked up 1.75 per cent stake in the retail arm of the company

twitter-logoBusinessToday.In | September 9, 2020 | Updated 14:26 IST
RIL share price up nearly 2% after Silver Lake picks stake in Reliance Retail
Reliance Industries Limited (RIL)

Share price of Reliance Industries Limited (RIL) is up nearly 2 per cent on the stock exchanges on Wednesday after the US private equity firm Silver Lake Partners picked up 1.75 per cent stake in the retail arm of the company for Rs 7,500 crore. It comes days after RIL's minority stake purchase in Future Group, through its subsidiary Reliance Retail.

After opening at Rs 2,085, the stock touched a high of Rs 2,150 and low of 2,081.45 on the NSE. Shares of RIL were trading at Rs 2,148.95, up 41.85 points, or 1.99 per cent at the time of reporting.

RIL's scrip has gained more than 93 per cent in the last six months. Stock price of Reliance Industries has gained 72 per cent in one year and 0.93 per cent in the last one week. Market capitalisation of the firm currently stands at Rs 14.10 lakh crore. The 52-week high of the stock stands at Rs 2,198.80.

Meanwhile, Reliance Industries Limited and Reliance Retail Ventures Ltd (RRVL) announced earlier today that Silver Lake will invest Rs 7,500 crore into RRVL, a subsidiary of Reliance Industries.

This investment values RRVL at a pre-money equity value of Rs 4.21 lakh crore. Silver Lake's investment will translate into a 1.75 per cent equity stake in RRVL on a fully diluted basis.

This marks the second billion-dollar investment by Silver Lake in a Reliance Industries subsidiary after the $1.35 billion investment in Jio Platforms announced earlier this year.

"Reliance Retail Limited, a subsidiary of RRVL, operates India's largest, fastest-growing and most profitable retail business serving close to 640 million footfalls across its about 12,000 stores nationwide," the statement said.

Also read: Is Reliance Industries stock in less than Rs 2,100 good investment?

Also read: After Jio Platforms, Facebook, KKR may invest in RIL's retail business

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