RIL rises after receiving Rs 7,500 crore from Silver Lake

NEW DELHI: Shares of Reliance Industries rose 1 per cent in Monday's trade after the company said it has received Rs 7,500 crore from US private equity firm Silver Lake Partners for 1.75 per cent stake in its retail arm Reliance Retail Ventures Ltd (RRVL).

The company had on September 9 announced that Silver Lake would invest Rs 7,500 crore into its retail arm.

Following the development, the stock rose 1.23 per cent to hit a high of Rs 2,229.

"RRVL has received the subscription amount of Rs 7,500 crore from SLP Rainbow Holdings Pte Ltd (Silver Lake)", RIL said in a regulatory filing on Saturday.

Late last month, Reliance acquired the retail and logistics businesses of Future Group for Rs 24,713 crore to boost its retail vertical.

Silver Lake was the first US private equity firm to invest in Jio after tech giant Facebook took a 9.99 per cent stake in the company for Rs 43,573.62 crore. Silver Lake bought 2.08 per cent in Jio in two tranches for a total of Rs 10,202.55 crore.

With more than $60 billion in combined assets under management and committed capital and a focus on the world's great tech and tech-enabled opportunities, Silver Lake is the global leader in large-scale technology investing.