RIL arm Reliance Retail Ventures completes fund raise of Rs 47,265 cr for 10.09% stake in company

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This was the largest fund raise exercise in the sector that has been completed within 2 months

Reliance Industries and Reliance Retail Ventures (RRVL) have completed the current phase of partner induction and fund raising exercise for RRVL, said the company in a statement.

RRVL has received cumulative subscription amount of Rs 47,265 crore from as many as nine financial partners including Silver Lake Partners, KKR, Mubadala, ADIA, GIC, General Atlantic and PIC and allotted 69,27,81,234 equity shares to them.

 Isha Mukesh Ambani, Director of RRVL, said, “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.”

Morgan Stanley acted as financial advisor to RRVL and Cyril Amarchand Mangaldas and Davis Polk & Wardwell acted as legal counsels. BofA Securities, acting as additional financial advisor, advised on the process as well as transaction structuring.

Reliance Retail Ventures reported a consolidated turnover of Rs 162,936 crore ($ 21.7 billion) and net profit of Rs 5,448 crore ($726.4 million) for the year ended March 31, 2020.

Reliance Retail topped the list of ‘50 fastest-growing retailers globally between FY2013-2018’ in the Deloitte's Global Powers of Retailing 2020 index. Reliance Retail secured the 56th spot this year against the 94th rank the previous year and is the only Indian company to be featured in this list.

Image credit: India TV

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