Reliance raises Rs 7,350 crore from 2 investors

Billionaire Mukesh Ambani’s Reliance Industries Ltd on Friday announced to raise Rs 7,350 crore from two investors — Singapore’s sovereign wealth fund GIC and Global alternative asset firm TPG — by selling a stake in group’s retail arm.

“Through two separate deals, Reliance Industries will sell 1.63 per cent stake in Reliance Retail Ventures Limited (RRVL). GIC will invest Rs 5,512.5 crore to buy 1.22 per cent share in RRVL,” the Indian firm said in a statement.

It said TPG will invest Rs 1,837.5 crore to buy 0.41 per cent stake in RRVL.

The investments value Reliance Retail at a pre-money equity value of Rs 4.285 lakh crore.