Reliance Industries Ltd. (RIL), is expected to divest about 10-15 per cent in its subsidiary Reliance Retail Ventures (RRVL), according to a report in Business Standard.
Fund raised from the divestment will be used to finance acquisitions, the report said, citing sources familiar with the matter.
RRVL has already divested 8.48 per cent stake to a plethora of private equity funds for Rs 37,710 crore in its ongoing stake fundraising round.
The stake sale would help RIL raise funds to buy out businesses under the Future Group which is expected to cost about Rs 24,713 crore.
The divestment will not include strategic investors but only private equity companies and sovereign funds, sources told the publication. This strategy was different from the fundraising exercise RIL undertook with Jio Platforms in which it sold 32.97% stake for over Rs 1.5 lakh crore.
The company is not in need of immediate funds and that this fresh divestment is to create a benchmark valuation, the report added. RIL's present pre-money valuation based on current deals is around Rs 4.29 trillion.
Published 07 October 2020, 05:24 IST