KKR to pour in Rs 2,069 cr in Reliance Retail, stake increases to 1.42 from 1.17 percent
By MYBRANDBOOK
KKR, the global investment firm, has decided to invest Rs 2,069.50 crore in Reliance Retail Ventures for an additional stake of 0.25 percent of the retailer at a valuation of about Rs 8.36 lakh crore, announced Reliance Industries.
With this investment, KKR’s shareholding in Reliance Retail Ventures (RRVL) , which is the holding company of the retail business, will increase to 1.42 percent from 1.17 percent.
The investment is at "a pre-money equity value of Rs 8.361 lakh crore (around $100.87 billion)", said a joint statement.
The deal placed RRVL "among the top four companies by equity value in the country," it added.
RIL received Rs 8,278 crore from Qatar Investment Authority (QIA) for around 1 percent stake in RRVL at a valuation of Rs 8.278 lakh crore ($100 billion), last week.
Now, KKR's follow-on investment through an affiliate will translate into an additional equity stake of 0.25 percent in RRVL on a fully diluted basis.
"This, combined with its stake from its investment of Rs 5,550 crore in RRVL in 2020, will take its total equity stake in RRVL to 1.42 percent on a fully diluted basis," it added.
RRVL Director Isha Mukesh Ambani said, "We highly value our deepening partnership with KKR, and their latest investment in RRVL after their previous investment further reinforces their strong belief in RRVL's vision and capabilities."
"We look forward to continued engagement with KKR and to benefit from their global platform, industry knowledge and operational expertise in our journey towards driving the transformation of the Indian retail sector," she added.
KKR Co-CEO Joe Bae said, "We are pleased to extend our relationship with RRVL. Throughout our investment period in Reliance Retail, we have been impressed by the company's vision and extensive work to empower retailers across India through digitalisation as well as by its resilience and performance in spite of the pandemic and other disruptions."
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