Reliance Jio, Reliance Retail IPO coming: reports

Mukesh Ambani is readying a bonanza for shareholders as a Jio and Reliance Retail IPO could well be in the offing as per reports. The billionaire is likely to make an announcement regarding the same at the much awaited Reliance AGM later this summer.

Hindu Business Line reports that Reliance Retail Ventures (RRVL) and Reliance Jio Platform (RJPL) are likely to to raise Rs 50,000-75,000 cr ($6.5 billion to $10 billion) in the stake sale assuming that promoters dilute at least 10 per cent of their holdings.

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Reliance Jio, with over 400 million subscribers, is one of the largest telecom service providers in the world while the retail arm sells groceries, apparel, footwear, and consumer electronics, has nearly 14,500 stores across India.

The RIL stock has rallied over 35% since February being one of the best performing stocks on the index.

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