Reliance Retail Ventures Limited (RRVL), owned by Reliance Industries, today announced that RRVL has received Rs 8278 crore from Qatar Investment Authority (QIA) for approximately 1 per cent shares. QIA is Qatar’s leading retailer. In the transaction, Reliance Retail has allotted 6.86 crore shares to Qatar Investment Authority. Read the full news.
Reliance Retail Ventures Limited (RRVL), owned by the country’s largest company Reliance Industries, today said RRVL has received Rs 8,278 crore from Qatar Investment Authority (QIA) for about 1 per cent stake.
How many shares did Qatar Investment Authority get?
Reliance Retail and Qatar Investment Authority were allotted 6.86 crore equity shares in the deal, according to a regulatory filing by Reliance Industries Ltd (RIL).
Let us tell you that Qatar Investment Authority is the leading retailer of Qatar. RRVL is the holding company of RIL’s retail business.
Reliance had announced disinvestment in August
The investment has been made by a wholly owned subsidiary of the Qatar Investment Authority in India’s largest retailer (Reliance Retail) at a valuation of Rs 8.278 lakh crore (US$100 billion).
Let us tell you that on August 23, RIL had announced the sale of 1 percent stake in RRVL to QIA for Rs 8,278 crore (US$ 1 billion).
Company’s valuation doubled in less than three years
Referring to the purchase of about 1 per cent stake in Reliance Retail Venture Limited (RRVL) by Qatar Investment Authority (QIA) by investing Rs 8,278 crore (US$1 billion) at a valuation of US$100 billion, Mukesh Ambani said at the Reliance AGM It was said that the valuation of the company has doubled in less than three years.
RRVL had raised $6.4 billion in 2020
In 2020, Reliance Retail had raised Rs 47,265 crore (about US$6.4 billion) from global private equity funds for a 10.09 percent stake, valuing the company at over Rs 4.2 lakh crore.
The company had raised funds from Silver Lake, KKR, Mubadala, Abu Dhabi Investment Authority, GIC, TPG, General Atlantic and Saudi Arabia’s Public Investment Fund at a valuation of about US$57 billion at that time.