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Friday, August 19, 2022

Reliance Industries shares touch record high, jump nearly 3%

The market heavyweight stock jumped 2.84 per cent to a record high of Rs 2,222.65 on the BSE. On the NSE, it gained 2.85 per cent to Rs 2,223. In the previous session too, it had closed with nearly 3 per cent gains.

Reliance Industries' (RIL) retail-arm Reliance Retail Ventures Limited (RRVL) will acquire the retail & wholesale business and the logistics & warehousing business of Future Group on a slump sale basis for lumpsum aggregate consideration of Rs 24,713 crore.

Shares of Reliance Industries continued to rally on Thursday, gaining nearly 3 per cent, on US private equity firm Silver Lake Partners’ 1.75 per cent stake-buying plan in the firm’s retail arm for Rs 7,500 crore.

The market heavyweight stock jumped 2.84 per cent to a record high of Rs 2,222.65 on the BSE.

On the NSE, it gained 2.85 per cent to Rs 2,223.

In the previous session too, it had closed with nearly 3 per cent gains.

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The company’s market valuation jumped Rs 37,782.85 crore to Rs 14,07,886.65 crore in morning trade on the BSE.

Silver Lake will invest Rs 7,500 crore in Reliance Retail Ventures (RRVL), a subsidiary of Reliance Industries, for a 1.75 per cent stake, the Indian firm said in a statement on Wednesday.

This marks the second billion-dollar investment by Silver Lake in an RIL subsidiary after the USD 1.35 billion investment in Jio Platforms announced earlier this year.

Reliance Retail Limited, a subsidiary of RRVL, operates India’s largest and most profitable retail business spanning supermarkets, consumer electronics chain stores, cash and carry wholesale business, fast-fashion outlets, and online grocery store JioMart.

It operates almost 12,000 stores in nearly 7,000 towns.

First published on: 10-09-2020 at 12:37:36 pm
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