Shares of Reliance Industries Limited continued to rally on Thursday, gaining nearly 6 per cent, following US private equity giant Silver Lake Partners’ 1.75% stake-buying plan in the Indian conglomerate’s retail arm for Rs 7,500 crore.
Mukesh Ambani-led RIL has also become India’s first company to cross the $200 billion market cap.
The market heavyweight stock jumped 6.28 per cent to a record high of Rs 2,297.5 on the BSE. On the NSE, the scrip gained 6.16 per cent to Rs 2,294.
The company’s market valuation is currently Rs 14,14,764.90 crore.
It should be noted here that Silver Lake is going to invest Rs 7,500 crore in Reliance Retail Ventures (RRVL), a subsidiary of Reliance Industries, for a 1.75% stake, marking the second billion-dollar investment by the US private equity firm in a RIL subsidiary.
Worth mentioning here is that Reliance Retail Limited operates India’s largest retail business, operating almost 12,000 stores in nearly 7,000 towns.
Through an inclusive strategy, Reliance Retail aims to galvanize the Indian retail sector by serving millions of customers and empowering farmers and micro, small and medium enterprises.