Reliance Retail Ventures Limited (RRVL) on Thursday announced that it had raised ₹47,265 crores by selling 10.09% stake of the company in a span of less than two months.
RRVL today announced that it has received a cumulative subscription amount of ₹47,265 crore from the financial partners and allotted 69,27,81,234 equity shares to them.
Reliance Retail’s fund-raising spree started with Silver Lake, which had earlier invested in Jio Platforms, investing ₹7,500 crore in the company for a 1.60% stake. It was followed by a second investment of ₹1,875 crore in exchange for a .040% stake in the company. This totaled to Silver getting a 2% stake on making an investment of ₹9,375 crore in the company.
Silver Lake’s investment was followed by subsequent investments by KKR, Mubadala, ADIA, GIC, TPG, General Atlantic and PIF. These firms invested ₹5,550 crore, ₹6,247.50 crore, ₹5,512.50 crore, ₹5,512.50, ₹1,837.50, ₹3,675 and ₹9,555 crores respectively for a 1.19%, 1.33%, 1.18%, 1.18%, 0.39%, 0.78% and 2.04% stakes in the company.
These investments total to a total investment of ₹47,265 crore in RRVL in exchange for a 10.09% stake in the company.
“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,” RRVL Director Isha Ambani said in a statement.
Source- Hindustan Times.0