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RIL Climbs 4% On ADIA Investment; Nears All-Time High

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Shares of Reliance Industries Limited ended their four-day losing streak to climb nearly 4 percent to Rs 2,309 on Wednesday after the conglomerate said in a stock exchange filing that a wholly-owned subsidiary of the Abu Dhabi Investment Authority ("ADIA") will invest Rs 5,512.50 crore into Reliance Retail Ventures Limited.

"ADIA's investment will translate into a 1.20% equity stake in RRVL on a fully diluted basis," the statement said.

RIL Climbs 4% On ADIA Investment; Nears All-Time High
 

With this investment, Reliance Retail has raised Rs 37,710 crore from leading global investors including Silver Lake, KKR, General Atlantic, Mubadala, GIC, TPG and ADIA in less than four weeks.

The stock is near its record high of Rs 2,369.35 that it peaked on 16 September.

RIL's retail arm has been receiving back-to-back investments for stake from foreign investors. However, according to a Business Standard report, RRVL is expected to divest only a small stake of 10-15 percent in RRVL and use the proceeds to fund acquisitions such as the retail and wholesale business of Future Group and others.

So far, RRVL has divested 8.8 percent stake.

Read more about: ril reliance retail
Story first published: Wednesday, October 7, 2020, 11:34 [IST]
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