Reliance Retail Ventures completes fund raise of Rs 47,265 crore for 10.09% stake in company
Mumbai, November 19, 2020
The Mukesh Ambani-led Reliance Industries Limited (RIL) and its subsidiary Reliance Retail Ventures Limited (RRVL) today said they had completed the current phase of partner induction and fund raise exercise for RRVL.
A press release from Reliance said RRVL had received cumulative subscription amount of Rs 47,265 crore from the nine financial partners and allotted 69,27,81,234 equity shares to them.
The respective equity stake in RRVL, on a fully diluted basis, is also provided in the following table:
Isha Mukesh Ambani, Director of Reliance Retail Ventures Limited, 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 adviser to RRVL and Cyril Amarchand Mangaldas and Davis Polk & Wardwell acted as legal counsels. BofA Securities, acting as additional financial adviser, advised on the process as well as transaction structuring.
RRVL is the holding company of all the retail companies under the RIL Group. RRVL 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.