Shares of Reliance Industries continued to rally on Thursday, gaining nearly 3 per cent, on US private equity firm Silver Lake Partners' 1.75 per cent stake-buying plan in the firm's retail arm for Rs 7,500 crore. The market heavyweight stock jumped 2.84 per cent to a record high of Rs 2,222.65 on the BSE.
On the NSE, it gained 2.85 per cent to Rs 2,223. In the previous session too, it had closed with nearly 3 per cent gains.
The company's market valuation jumped Rs 37,782.85 crore to Rs 14,07,886.65 crore in morning trade on the BSE. Silver Lake will invest Rs 7,500 crore in Reliance Retail Ventures (RRVL), a subsidiary of Reliance Industries, for a 1.75 per cent stake, the Indian firm said in a statement on Wednesday. This marks the second billion-dollar investment by Silver Lake in an RIL subsidiary after the USD 1.35 billion investment in Jio Platforms announced earlier this year.
Reliance Retail Limited, a subsidiary of RRVL, operates India's largest and most profitable retail business spanning supermarkets, consumer electronics chain stores, cash and carry wholesale business, fast-fashion outlets, and online grocery store JioMart. It operates almost 12,000 stores in nearly 7,000 towns.
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