New Delhi, Nov 19 (IANS): Reliance Industries Limited (RIL) and Reliance Retail Ventures Limited (RRVL) have completed the current phase of partner induction and fund raise exercise for RRVL.

Accordingly, the RRVL has received cumulative subscription amount of Rs 47,265 crore from its financial partners and allotted 69,27,81,234 equity shares to them. The largest fund raise exercise in the sector was completed in two months' time.

Isha Mukesh Ambani, Director of Reliance Retail Ventures Limited, said, "We are proud to have such strong and reputed partners in RRVL. We feel honoured by the phenomenal interest shown by the investors in our business and look forward to working with our partners to benefit from their experience and global connectivity. With our focus on new commerce, we are committed to playing a transformational role in the Indian retail sector by empowering millions of merchants and micro, small and medium enterprises."

PIF has picked up the largest stake of 2.04 per cent, followed by Silver Lake Partners at 1.60 per cent and 0.4 per cent making it a total of 2 per cent, Mubadala at 1.33 per cent, KKR at 1.19 per cent, ADIA and GIC at 1.18 per cent each, General Atlantic at 0.78 per cent and TPG at 0.39 per cent.

Morgan Stanley acted as the financial advisor to RRVL while Cyril Amarchand Mangaldas and Davis Polk & Wardwell acted as legal counsels. BofA Securities, acting as additional financial advisor, advised on the process as well as transaction structuring.