RIL - ADIA to invest in Reliance Retail - Angel Broking

Mr. Jyoti Roy - DVP - Equity Strategist, Angel Broking Ltd

"Reliance Industries Ltd. has announced that a wholly owned subsidiary of the Abu Dhabi Investment Authority ("ADIA") will invest ₹ 5,512.50 crore into Reliance Retail ventures Ltd, for a 1.2% stake at a pre-money equity value of ₹ 4.285 lakh crore. With this investment, RRVL has raised ₹ 37,710 crore from leading global investors including Silver Lake, KKR, General Atlantic, Mubadala, GIC, TPG and ADIA in less than four weeks. We maintain our positive view on Reliance industries Ltd. and expect that the digital and the retail business will be the future growth drivers for the company. We continue to maintain our buy rating on reliance Industries with a target of ₹ 2,543."

Shares of RELIANCE INDUSTRIES LTD. was last trading in BSE at Rs.2210.15 as compared to the previous close of Rs. 2211.15. The total number of shares traded during the day was 259771 in over 13272 trades.

The stock hit an intraday high of Rs. 2234 and intraday low of 2201.45. The net turnover during the day was Rs. 575027216.

Source : Equity Bulls

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