Shares of Reliance Industries gained 1 per cent on Wednesday after the company said global private equity firm General Atlantic will invest Rs 3,675 crore to buy 0.84 per cent stake in its retail arm.
The stock rose 1 per cent to Rs 2,267.55 on the BSE.
On the NSE, it jumped 0.97 per cent to Rs 2,267.
General Atlantic will invest Rs 3,675 crore to buy a 0.84 per cent stake in Reliance Retail Ventures Ltd (RRVL), Reliance Industries said in a statement.
This is the third private equity investment in Reliance Retail, following US-based private equity firm Silver Lake’s Rs 7,500-crore investment for a 1.75 per cent stake and global private equity firm KKR’s Rs 5,550 crore investment for a 1.28 per cent stake earlier this month.
“This marks the second investment by General Atlantic in a subsidiary of Reliance Industries, following a Rs 6,598.38 crore investment in Jio Platforms announced earlier this year,” the statement said.
Reliance Retail Limited, a subsidiary of RRVL, operates fastest-growing and most profitable retail business spanning supermarkets, consumer electronics chain stores, cash and carry wholesale business, fast-fashion outlets, and online grocery store JioMart.
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.