Reliance Retail has raised fundraise of Rs 47,265 cr in exchange of 10.09% stakes. The “largest fund raised exercise in the sector” is completed within two months.
According to a statement released by the parent company, Reliance Industries Ltd., all the investments have been completed, with receipts of funds and issue of shares.
Ms 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 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 Limited is a subsidiary of Reliance Industries Limited, and holding company of all the retail companies under the RIL Group. RRVL reported a consolidated turnover of ₹ 162,936 crore ($ 21.7 billion) and net profit of ₹ 5,448 crore ($ 726.4 million) for the year ended March 31, 2020.
-AK
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