Reliance Retail – step-down subsidiary of India’s most valued company Reliance Industries – said it will cancel 34 lakh shares held by few public shareholders. The company will pay Rs 1362 per share value to these public shareholders who hold close to 0.07% stake in Reliance Retail. At Rs 1362, Reliance Retail's current equity value stands at Rs 6.8 lakh crore.
This is RIL’s second attempt to provide an exit, as in future even if RIL’s retail arm gets listed, it will be Reliance Retail Ventures and not Reliance Retail. Reliance Industries holds an 85.06% stake in Reliance Retail Ventures (RRVL) which holds a 99.93% stake in Reliance Retail.
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