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Reliance Retail plans to buy out minority shareholders
Mint Mumbai
|July 08, 2023
After buyback, RRVL, the holding company of Reliance Retail, will be fully promoter-owned
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Mukesh Ambani-controlled Reliance Industries Ltd (RIL) is looking to buy out the minority shareholders of Reliance Retail Ltd for a total sum of up to ₹1,071.27 crore and make its step-down retail unit into a fully promoter-owned company in what can be a termed as a precursor to a potential demerger and a separate listing of the retail business.
Reliance Retail said on Friday that its board approved a proposal to reduce the equity share capital to the extent held by shareholders other than its promoter and holding company, Reliance Retail Ventures Ltd (RRVL). According to the plan, post the share buyback, the holdings of the minority shareholders will be cancelled and extinguished.
Minority shareholders hold only 0.09% or 7.87 million shares of Reliance Retail against the total outstanding equity shares of 8.99 billion.
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