Reliance Stock Gains On Saudi PIF Deal For Its Retail Arm
Reliance Stock Gains On Saudi PIF Deal For Its Retail Arm

On Friday, during mid-noon session of trade, shares of Reliance Industries Limited (RIL) rose as much as 3.5 percent to Rs 2,023 becoming the top gainer on Nifty 50. The gain in stock price comes after the Reliance announced on the previous day that Saudi Arabia's sovereign Public Investment Fund (PIF) is investing Rs 9,555 crore for a 2.04 percent stake in Reliance Retail Ventures Ltd (RRVL).

Reliance said in a statement that this investment values Reliance Retail Ventures at a pre-money equity value of Rs 4.587 lakh crore,". Public Investment Fund had earlier acquired 2.32 percent stake in Jio Platforms, the digital services subsidiary of Reliance Industries. The high profile global fund is the latest investor in Reliance Retail Ventures, taking the number of international funds to add capital into the Reliance holding company to nine with their cumulative foreign investment being Rs.47,265 crore for a combined stake of 10.5 percent.

Meanwhile, the Securities Appellate Tribunal has directed Reliance to pay Rs.447.27 crore, along with 12 percent interest, while dismissing an appeal filed by the company against the market regulator SEBI. The penalty is with regard to the 2017 event where SEBI had barred the Company and 12 other companies from dealing in equity derivatives in the futures and options segment for a period of one year, directly or indirectly, for allegedly indulging in fraudulent trades in Reliance Petroleum NSE Ltd (RPL) in 2007.

PIF signs definitive documentation to acquire a 2.04% equity stake in RRVL

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