Reliance Industries shares gained 1 per cent in an absolutely flat market in early trading on the news that the US-based General Atlantic will invest Rs 3,675 crore for a 0.84 per cent stake in its retail arm, Reliance Retail Ventures. The deal gives Reliance Retail a pre-money valuation of Rs 4.29 lakh crore, the Mukesh Ambani-led Reliance Industries said on Wednesday. At 9:21 am, the shares of Reliance Industries were trading at Rs 2,257.18, up Rs 12.95 or 0.58 per cent, on the BSE. The shares hit an intra-day high of Rs 2,267.55 and a low of Rs 2,254.50 thus far.
The General Atlantic deal marks the latest in a series of investments in Reliance Industries group companies. General Atlantic had earlier invested Rs 6,598.38 crore in Reliance Industries’ digital services unit, Jio Platforms.
The Sensex was trading at 37,950, down 35 points or 0.03 per cent and the NSE Nifty was at 11,222.35, down 2 points or 0.01 per cent at the time.