Reliance Industries shares jump 3 pc on KKR deal
New Delhi: Shares of Reliance Industries on Wednesday gained 3 per cent 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 jumped 2.95 per cent to Rs 2,276.50 on the BSE. Reliance Industries was the top gainer in the Sensex pack.
On the NSE, it gained 2.96 per cent to Rs 2,276.75.
"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".