RIL - General Atlantic deal announcement - Angel Broking

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

Reliance Industries Ltd. has announced that General Atlantic will invest ₹3,675 crore into Reliance Retail Ventures Ltd. which is the retail arm of RIL for a further 0.84% stake in the company. This investment values Reliance Retail at a pre-money equity value of ₹4.285 lakh crore and marks the second investment by General Atlantic in a subsidiary of Reliance Industries, following a ₹6,598.38 crore investment in Jio Platforms announced earlier this year. We expect more such investments by strategic and financial investors in Reliance Retail in the future. 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.2244.85 as compared to the previous close of Rs. 2215.75. The total number of shares traded during the day was 325287 in over 18492 trades.

The stock hit an intraday high of Rs. 2264 and intraday low of 2217.15. The net turnover during the day was Rs. 729901718.

Source : Equity Bulls

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