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ADIA doubles Retail, invests down on Reliance ₹4,967 cr more
Mint Mumbai
|October 07, 2023
Reliance Retail Ventures Ltd (RRVL) on Friday said that sovereign wealth fund Abu Dhabi Investment Authority (ADIA) will invest an additional ₹4,966.80 crore in the retail unit of Reliance Industries Ltd, following a 1.18% stake purchase in the company in October 2020.
The fresh investment values RRVL at a pre-money equity value of ₹8.38 trillion, making it among India's top four most valuable companies.
The investment by ADIA will translate into an equity stake of 0.59% in RRVL on a fully diluted basis, the company said in a statement late on Friday. In 2020, ADIA, via a wholly owned subsidiary, promised to invest ₹5,512.50 crore in RRVL.
ADIA's investment follows Qatar Investment Authority's (QIA's) ₹8,278 crore investment into RRVL in August.
Between 2020 and 2021, the company has raised a total of ₹47,265 crore from nine global investors, including sovereign wealth fund Mubadala Investment Co., private equity firm General Atlantic, Silver Lake Partners, TPG Capital, Public Investment Fund, GIC, investment firm KKR, ADIA, and SLP Co-investors at a pre-money equity value of ₹4.21 trillion.
Together, the above investors, including the one announced on Friday, now hold a 12.88% stake in the company.
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