Reliance Industries Ltd (RIL) has for the time being completed inducting partners and raising funds for Reliance Retail Ventures Ltd (RRVL), it said on Thursday.
“RRVL received cumulative subscription of ?47,265 crore from financial partners and allotted a 10.09% stake (or 69.27 million shares) to them,” it said.
The largest fundraising exercise for the retail sector was completed within two months.
RRVL, which is the holding company of all the retail companies under the RIL Group, reported a consolidated turnover of about ?1.63 trillion and a net profit of ?5,448 crore for the year ended 31 March.
“We are proud to have such strong and reputed partners in RRVL. With our focus on new commerce, we are committed to playing a transformational role in the Indian retail sector by empowering millions of merchants and micro, small and medium enterprises,” said RRVL director Isha Ambani.
Morgan Stanley acted as the financial adviser to RRVL for the deals, while Cyril Amarchand Mangaldas, and Davis Polk and Wardwell were its legal counsels.
BofA Securities acted as additional financial adviser on the process and the structure of the transactions.
Earlier this week, RRVL acquired a 96% stake in Urban Ladder Home Decor Solutions for a cash consideration of ?182.12 crore.
It is also considering to pick up the remaining stake in UrbanLadder for ?75 crore, and may complete the deal by December 2023.
News Source: livemint