India Reliance Retail Closes Fundraising Exercise after Raising $6.3b for 10.9% Stake

India Reliance Retail Closes Fundraising Exercise after Raising .3b for 10.9% Stake

Reliance Industries Ltd (RIL) and its retail subsidiary, Reliance Retail Ventures Ltd (RRVL), have completed the current phase of partner induction and fundraise exercise for RRVL, the company said in a press statement today.

“RRVL has received cumulative subscription amount of ₹47,265 crore ($6.3 billion) from the following financial partners and allotted 69,27,81,234 equity shares to them. The respective equity stake in RRVL, on a fully diluted basis,” the company said in its statement.

RRVL is the holding company of all the retail companies under the RIL Group.

RRVL reported a consolidated turnover of ₹162,936 crore ($ 21.7 billion) and a net profit of ₹5,448 crore ($ 726.4 million) for the year ended March 31, 2020.

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.

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