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.
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