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Reliance Retail Ventures completes fundraising of Rs 47,265 crore through 10.09% stake sale

Reliance Retail
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Reliance Retail Ventures completes fundraising of Rs 47,265 crore through 10.09% stake sale

Highlights

Reliance Industries Limited has announced that its subsidiary company Reliance Retail Ventures Limited (RRVL) has completed the fundraising exercise of Rs 47,265 through the sale of 10.09 per cent stake in the company.

Reliance Industries Limited has announced that its subsidiary company Reliance Retail Ventures Limited (RRVL) has completed the fundraising exercise of Rs 47,265 through the sale of 10.09 per cent stake in the company. The company has said, Reliance Industries Limited and Reliance Retail Ventures Limited have completed the current phase of partner induction and fundraising exercise for RRVL.

In a regulatory filing, Reliance Industries said, "RRVL has received cumulative subscription amount of Rs 47,265 crore from the following financial partners and allotted 69,27,81,234 equity shares to them."

The respective equity stake in RRVL, on a fully diluted basis, is also provided in the following table:


Investor Name Investment Date Investment in Rs Crore Per cent stake (on fully diluted basis)
Silver Lake Partners 25-Sep-20 Rs 7,500 crore 1.60 per cent
Silver Lake Partners – CoInvestors 9-Oct-20 Rs 1,875 crore 0.40 per cent
KKR 14-Oct-20 Rs 5,550 crore 1.99 per cent
Madhubala 15-Oct-20 Rs 6,247 crore 1.33 per cent
ADIA 15-Oct-20 Rs 5,512 crore 1.18 per cent
GIC 16-Oct-20 Rs 5,512 crore 1.18 per cent
TPG 19-Oct-20 Rs 1,837 crore 0.39 per cent
General Atlantic 21-Oct-20 Rs 3,675 crore 0.78 per cent
PIF 9-Nov-20 Rs 9,555 crore 2.04 per cent
TOTAL Rs 47,265 crore 10.09 per cent

It added, the largest fundraise exercise in the sector completed within 2 months and all the investments have been completed with receipt of funds and issue of shares.

Ms Isha Mukesh Ambani, Director of Reliance Retail Ventures Limited, said, "We are proud to have such strong and reputed partners in RRVL. We feel honoured by the phenomenal interest shown by investors in our business and look forward to working with our partners to benefit from their experience and global connectivity. 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."

Morgan Stanley acted as financial advisor to RRVL and Cyril Amarchand Mangaldas and Davis Polk & Wardwell acted as legal counsels. BofA Securities, acting as an additional financial advisor, advised on the process as well as transaction structuring.

Reliance Industries Limited (RIL)

RIL is India's largest private sector company, with a consolidated turnover of Rs 659,205 crore ($87.1 billion), cash profit of Rs 71,446 crore ($9.4 billion), and net profit of Rs 39,880 crore ($5.3 billion) for the year ended March 31, 2020.

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