Shares of Reliance Industries Ltd gained over 3 per cent in early trade on Friday after the company’s retail arm raised Rs 9,555 crore from Public Investment Fund (PIF) of Saudi Arabia. The market-heavyweight stock jumped 3.37 per cent to Rs 2,021 on the BSE.
At the NSE, it rose by 3.32 per cent to Rs 2,020. Mukesh Ambani-run Reliance Industries Ltd’s retail arm on Thursday raised Rs 9,555 crore from Public Investment Fund (PIF) of Saudi Arabia, taking total fundraise in the last two months to Rs 47,265 crore.
PIF will take a 2.04 per cent stake in Reliance Retail Ventures Ltd (RRVL), the Indian firm said in a statement. The investment values RRVL, the retail arm of Reliance Industries Ltd, at a pre-money equity value of Rs 4.587 lakh crore.
This is the second investment by the Saudi Arabian sovereign wealth fund in an Ambani firm. It had previously picked up 2.32 per cent stake in Jio Platforms, the digital and telecom arm of Reliance, for Rs 11,367 crore. ”This investment will further strengthen PIF’s presence in India’s dynamic economy and promising retail market segment,” the statement said.
Disclosure: News18.com is part of Network18 Media & Investment Limited which is owned by Reliance Industries Limited
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