Reliance Industries shares close nearly 1 per cent higher after KKR deal
Shares of Reliance Industries on Wednesday closed with nearly 1 per cent gains after the company said global investment firm KKR will invest Rs 5,550 crore in its subsidiary Reliance Retail Ventures Ltd (RRVL) to pick 1.28 per cent equity stake.
The stock rose 0.83 per cent to close at Rs 2,229.55 on the BSE. During the day, it jumped 2.95 per cent to Rs 2,276.50.
On the NSE, it closed at Rs 2,228, up 0.76 per cent after gaining 2.96 per cent to Rs 2,276.75 during the day.
The company's market valuation rose by Rs 12,485.1 crore to Rs 15,07,630.10 crore on the BSE.
In terms of traded volume, 7.74 lakh shares were traded at the BSE and 1.98 lakh units on the NSE during the day.
"This investment values Reliance Retail at a pre-money equity value of Rs 4.21 lakh crore. This marks the second investment by KKR in a subsidiary of Reliance Industries, following a Rs 11,367 crore investment in Jio Platforms announced earlier this year," Reliance Industries said in a statement.
Reliance Retail, a subsidiary of RRVL, operates India's largest fastest growing and most profitable retail business serving close to 640 million footfalls across its 12,000 stores nationwide.
Mukesh Ambani, chairman and managing director of Reliance Industries, said: "KKR has a proven track record of being a valuable partner to industry-leading franchises and has been committed to India for many years. We look forward to working with KKR's global platform, industry knowledge and operational expertise across our digital services and retail businesses".
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