Reliance Industries shares touch record high, jump nearly 3%

Shares of Reliance continued to rally on Thursday, gaining nearly 3 percent, on Silver Lake Partners’ 1.75 percent stake-buying plan in the firm’s retail arm for Rs 7,500 crore.

The market stock jumped 2.84 percent to a record high of Rs 2,222.65 on the BSE and on the NSE, it gained 2.85 percent to Rs 2,223.

The firm’s market valuation jumped Rs 37,782.85 crore to Rs 14,07,886.65 crore in the morning trade on the BSE.

Silver Lake will invest Rs 7,500 crore in Reliance Retail Ventures, a subsidiary of Reliance Industries. for a 1.75 percent stake, Reliance Industries said in a statement on Wednesday.

This marks the second billion-dollar investment by Silver Lake in Reliance after the USD 1.35 billion investment in Jio Platforms announced earlier this year.

Reliance Retail Limited operates India’s largest and most profitable retail business with almost 12,000 stores in nearly 7,000 towns.

Read Also – Silver Lake to Invest Rs 7,500 Cr in Reliance Retail for 1.75% Stakes