CURRENT AFFAIRS

Detailed explanation-1: -Public Investment Fund (PIF) of Saudi Arabia has proposed to invest Rs 9, 555 crore ($1.3 billion) for an equity stake of 2.04 per cent in Reliance Retail Ventures Ltd (RRVL), a subsidiary of Reliance Industries.

Detailed explanation-2: -Since the deal was announced, Reliance provided financial help to Future Group. However, in February, Reliance closed more than 950 Future Retail stores as the latter defaulted on rent payments for these locations and started its own stores under new brands at the same locations.

Detailed explanation-3: -Ambani’s Reliance Beats Profit Estimate, Plans $2.5 Billion Fund Raising. Reliance Industries Ltd., helmed by billionaire Mukesh Ambani, posted a larger-than-expected quarterly profit as growth in its consumer units offset the weakness in its traditional petrochemicals business.

Detailed explanation-4: -In its regulatory filing, RIL said, the board of directors in a meeting held on January 20, has “approved raising of funds through issuance of Non-Convertible Debentures (NCDs) up to ₹20, 000 crore, in one or more tranches/series, on a private placement basis."

Detailed explanation-5: -Reliance Retail has managed to raise these monies from renown global investors including Silver Lake Partners, KKR, Mubadala, ADIA, GIC, TPG, General Atlantic and PIF and together allotted 69, 27, 81, 234 equity shares to them.