RIL on a roll; fundraising spree continues
Billionaire Mukesh Ambani owned petrochemical to telecom giant Reliance Industries (RIL) share price rose by almost 4% on Wednesday to Rs 2,289 apiece after Abu Dhabi’s royal family’s fund – Abu Dhabi Investment Authority – decided to invest $750 million or Rs 5,512 crore in Reliance Retail Venture (RRVL).
This investment values RRVL at a pre-money equity value of Rs 4.285 lakh crore. ADIA’s investment will translate into a 1.20% equity stake in RRVL on a fully diluted basis.
This fund infusion is the seventh investment in Reliance Retail in the recent weeks. Earlier, ADIA had invested Rs 5,683.50 crore for a 1.16% stake in Jio platform.
Ambani has now raised a total of Rs 37,710 crore or $5.1 billion for his retail venture from marquee investors Silver Lake, KKR, General Atlantic, Mubadala, GIC, TPG, and ADIA. So far, Mukesh Ambani has sold 8.47% stake in Reliance Retail – which is India’s largest retail chain with over 12,000 stores across 6,700 cities.
After raising over $20 billion for Jio Platforms, Ambani is currently on an investment spree for his retail venture. Apparently, the share price has jumped by over 159% since March 23.
This market rally has also helped Ambani become the 6th richest person in the world, with a total wealth of $84.8 billion.
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