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Home / News / Business News / Reliance Retail raises Rs. 47,265cr from sale of 10% stake
Business

Reliance Retail raises Rs. 47,265cr from sale of 10% stake

Reliance Retail raises Rs. 47,265cr from sale of 10% stake
Written by Ramya Patelkhana
Nov 20, 2020, 09:28 pm 2 min read
Reliance Retail raises Rs. 47,265cr from sale of 10% stake
Credits:

Billionaire Mukesh Ambani-led Reliance Industries announced that it has completed the sale of Rs. 47,265cr worth of stake in its retail arm, Reliance Retail Ventures Limited (RRVL), to a group of foreign investors. The company has sold about 10% stake in its retail unit. This fundraise exercise, reportedly the largest in the sector, was completed in two months. Here are more details.

Details
Reliance Retail sold 10.09% stake since September end

Since September 25, Reliance Retail sold a 10.09% stake to private equity firms like Silver Lake Partners, KKR, GIC, TPG, and General Atlantic, as well as, sovereign wealth funds Mubadala, Abu Dhabi Investment Authority (ADIA), and Public Investment Fund (PIF). The company, on Thursday, said it raised a total subscription amount of Rs. 47,265cr by allotting 69,27,81,234 equity shares to the financial partners.

Information
Reliance Retail operates 12,000 stores across India

At present, Reliance Retail has around 12,000 stores across India. It operates the country's largest and fastest-growing retail business, which includes supermarkets, fashion outlets, consumer electronics chain stores, cash and carry wholesale business, and JioMart online grocery store.

Fundraise
Silver Lake invested Rs. 9,375cr and picked up 2% stake

Reliance Retail's fundraise exercise began with Silver Lake, which previously invested in Reliance's Jio Platforms, that picked up 2% stake worth Rs. 9,375cr in two tranches. Also, KKR bought 1.19% stake for Rs. 5,550cr, while GIC and AIDA each took 1.18% for Rs. 5,512.50cr. The UAE's Mubadala bought 1.33% for Rs. 6,247.50cr, and the PIF of Saudi Arabia picked up 2.04% for Rs. 9,555cr.

Statement
Proud to have such strong and reputed partners: Isha Ambani

Meanwhile, General Atlantic put in Rs. 3,675cr and took a 0.78% stake in the company, while TPG invested Rs. 1,837.50cr for 0.39%. "We are proud to have such strong and reputed partners. We feel honored by the phenomenal interest shown by investors...and look forward to working with our partners to benefit from their experience and global connectivity," stated RRVL Director Isha Ambani.

Quote
'Committed to playing transformational role in Indian retail sector'

"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," Ambani further said in a statement.

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Ramya Patelkhana
Ramya Patelkhana
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Ramya Patelkhana is a senior editor at NewsBytes. She has nearly seven years of experience in digital journalism and has previously worked with India News and Authint Media. She has a Bachelor's degree in Journalism and Mass Communication from the IK Gujral Punjab Technical University, Kapurthala, and an advanced diploma in Media Studies from IPW, New Delhi.
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