Global investment management firm Bernstein has pegged the enterprise valuation of Reliance Industries (RIL)’s 85 per cent stake in Reliance Retail at $111 billion, while valuing the Mukesh Ambani-led company’s 66.5 per cent stake in telecom and digital platform arm Reliance Jio at $88 billion. Reliance Industries had earlier planned to list both its subsidiaries to unlock value for its shareholders but hadn’t fixed any timeline. In further news, Reliance Consumer Products Ltd (RCPL), the fast moving consumer goods business and a wholly-owned subsidiary of Reliance Retail Ventures Limited (RRVL), on Thursday said it has completed the acquisition of 51% controlling stake in Lotus Chocolate Company for ₹74 crore, and subscribed to non-cumulative redeemable preference shares of Lotus for an aggregate consideration of Rs 25 crore. RCPL took sole control of the company with effect from May 24, 2023.
Vedanta pledges nearly all HZL stake
Anil Agarwal’s Vedanta Ltd has pledged almost all of its stake in Hindustan Zinc. According to a filing, the company pledged 3.3 per cent of its total equity or 139.4 million shares. According to BSE data, the total encumbered equity share capital stands at 64.51% from 64.92% earlier. The shares were pledged on May 23. This was the third instance during this financial year when the multinational mining company pledged its shares in Hindustan Zinc. Vedanta and Hindustan Zinc have reported a drop in their January-March quarter net profit. While Vedanta shares were trading higher, Hindustan Zinc shares were trading lower on the NSE. Earlier on May 23, Vedanta announced its first interim dividend of Rs 18.50 for financial year 2023-24. The dividend will be 1850 per cent on the face value of Re 1 per share and amounts to a total of Rs 6,877 crore.
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