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Reliance Retail closes 47,265-cr fundraise from 10.09% stake sale

Reliance Retail closes 47,265-cr fundraise from 10.09% stake sale
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Reliance Retail closes 47,265-cr fundraise from 10.09% stake sale

Highlights

Billionaire Mukesh Ambani’s Reliance Industries (RIL) has completed the sale of about 10 per cent stake in its retail unit to a clutch of foreign investors for Rs 47,265 crore.

New Delhi: Billionaire Mukesh Ambani's Reliance Industries (RIL) has completed the sale of about 10 per cent stake in its retail unit to a clutch of foreign investors for Rs 47,265 crore. Since September 25, the company sold 10.09 per cent stake in Reliance Retail Ventures Ltd (RRVL) to private equity (PE) firms Silver Lake Partners, KKR, GIC, TPG and General Atlantic, as well as sovereign wealth funds Mubadala, ADIA and PIF. "RRVL has received cumulative subscription amount of Rs 47,265 crore from the following financial partners and allotted 69.27 crore equity shares to them," the company said in a statement on Thursday.

, Director of RRVL, said the company looks forward to working with its partners after the 'phenomenal interest' shown by them. "With our focus on new commerce, we are committed to playing a transformational role in the Indian retail sector by empowering millions of merchants and micro, small and medium enterprises," she said. Isha is the daughter of the richest Indian, Mukesh Ambani.Silver Lake Partners bought two per cent stake in two tranches for Rs 9,375 crore, while KKR invested Rs 5,550 crore for 1.19 per cent interest.

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