Share price of Reliance Industries rose over 4 per cent during intra-day trade on Friday after the company announced that its retail arm raised Rs 9,555 crore from Public Investment Fund (PIF) of Saudi Arabia.
The market-heavyweight stock jumped was trading 3.98 per cent or Rs 77.80 higher to Rs 2,032.90 on the BSE.
At the NSE, it rose by 3.99 per cent or Rs 78 to Rs 2,033.
Billionaire Mukesh Ambani-run Reliance Industries Ltd’s retail arm on Thursday raised Rs 9,555 crore from Public Investment Fund (PIF) of Saudi Arabia. With this latest investment, the firm has raised total Rs 47,265 crore in the last two months.
PIF will take a 2.04 per cent stake in Reliance Retail Ventures Ltd (RRVL), the Indian firm said in a statement.
The investment values RRVL, the retail arm of Reliance Industries Ltd, at a pre-money equity value of Rs 4.587 lakh crore.
This is the second investment by the Saudi Arabian sovereign wealth fund in an Ambani firm. It had previously picked up 2.32 per cent stake in Jio Platforms, the digital and telecom arm of Reliance, for Rs 11,367 crore.
“This investment will further strengthen PIF’s presence in India’s dynamic economy and promising retail market segment,” the statement said.
“The transaction is in line with PIF’s strategy as a leading global investor with a proven track record of investing in innovative and transformative companies globally and develop strong partnerships with leading groups in their respective markets,” it added.