Reliance Industries shares gain 1% after General Atlantic deal
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 India’s largest, 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. PTI SUM ANS ANS