Reliance Retail completes fundraise of Rs 47,265 cr for 10.09% stake
Published: Nov 20, 2020
By TIOLCORPLAWS News Service
NEW DELHI, NOV 20, 2020: Reliance Retail Ventures Limited (RRVL), a subsidiary of Reliance Industries Limited (RIL), has completed the current phase of partner induction and fund raise exercise.
"RRVL has received a cumulative subscription amount of Rs 47,265 crores… and allotted 69,27,81,234 equity shares to them," a press release from the company said.
The fundraising exercise started in September and was completed within 2 months with the receipt of funds and issuance of shares.
RRVL Director, Isha Mukesh Ambani, said, "We are proud to have such strong and reputed partners in RRVL. We feel honoured by the phenomenal interest shown by investors in our business and look forward to working with our partners to benefit from their experience and global connectivity."
"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".
Morgan Stanley acted as financial advisor to RRVL and Cyril Amarchand Mangaldas and Davis Polk & Wardwell acted as legal counsels. BofA Securities, acting as additional financial advisor, advised on the process as well as transaction structuring.
RRVL reported a consolidated turnover of Rs 162,936 crore (USD 21.7 billion) and net profit of Rs 5,448 crore (USD 726.4 million) in the previous financial year.
