Mukesh Ambani's Reliance Retail valued at $34 billion in share swap



A stock swap offer to help shareholders of billionaire Mukesh Ambani’s unlisted retail business monetize their investment has valued the unit at $34 billion.
Share owners in Reliance Retail Ltd. can exchange four shares for one of its listed parent Reliance Industries Ltd., according to a so-called scheme of arrangement posted on the group’s website. With the parent’s latest market capitalization at 9.8 trillion rupees ($137 billion), the share swap values the subsidiary at 2.4 trillion rupees, according to Bloomberg’s calculation.
Asia’s richest man is scouting for investors for the profitable retail unit. The share swap, which will help Reliance Retail employees monetize their illiquid stock options, values the company at more than Tesco Plc, the U.K.’s biggest supermarket chain. Ambani has promised to slash the group’s net debt zero to zero by March 2021 after an investment spree of $76 billion in the past five years, bulk of it on its massively disruptive telecom carrier. Read More

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