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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