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Reliance Retail gets full subscription amount of Rs 2,069 cr from KKR

Reliance Retail gets full subscription amount of Rs 2,069 cr from KKR

India Blooms News Service | @indiablooms | 23 Sep 2023, 12:33 am

Mumbai: Reliance Industries subsidiary, Reliance Retail Ventures Limited (RRVL), has successfully received the subscription amount of Rs 2,069.50 crore from the global investment firm KKR, RIL said in an exchange filing on Friday, adding that RRVL has also issued 1.71 crore equity shares to KKR, in accordance with the agreement.

"Please note that Reliance Retail Ventures Limited today received the subscription amount of Rs 2,069.50 crore from Alyssum Asia Holdings II Pte. Ltd. (KKR) and allotted 1,71,58,752 equity shares to KKR," RIL said in its regulatory filing, reported Moneycontrol.

This development comes after RRVL's recent announcement that KKR, through an affiliate, is making a significant investment of Rs 2,069.50 crore in the company.

This substantial investment positions RRVL with a pre-money equity valuation of Rs 8.361 lakh crore, propelling it into the ranks of the top four companies in the country by equity value, said the report.

According to the statement, KKR's additional investment will result in a 0.25% increase in equity stake in RRVL on a fully-diluted basis.

When combined with its earlier investment of Rs 5,550 crore in RRVL in 2020, this brings KKR's total equity stake in RRVL to 1.42 percent on a fully-diluted basis. In the previous fundraising round by RRVL in 2020, which drew participation from various global investors totalling Rs 47,265 crore, the pre-money equity valuation was Rs 4.21 lakh crore.

RRVL, a subsidiary of Reliance Industries, runs India's largest and highly lucrative retail enterprise.

This retail giant caters to an extensive customer base of 26.7 crore people through a network of over 18,500 physical stores and online commerce platforms.

Its offerings span various categories including groceries, consumer electronics, fashion, lifestyle, and pharmaceuticals.

Beyond its stake in RRVL, KKR is also an investor in Jio Platforms Limited, which is the telecommunications platform of Reliance Industries.