Shares of Reliance Industries (RIL NSE 3.80 %) scaled fresh record in Thursday’s trade after reports suggested the energy-to-telecom major is looking to raise Rs 60,000-63,000 crore by selling a 15 per cent stake in Reliance Retail Ventures (RRVL) to a clutch of private equity investors and sovereign wealth funds.

The scrip advanced over 2 per cent to a new lifetime high of Rs 2,211, while the benchmark BSE Sensex traded 0.68 per cent higher at 38,438.

“A person familiar with the development said fresh shares will be issued to the investors and the company expects to complete the fundraise by October end,”

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The report further added that Amazon and Walmart have been mentioned as potential suitors but no talks had been held with them.

While private equity fund Silver Lake is the first to come on board, other investors in Jio Platforms-Saudi Arabia’s Public Investment Fund (PIF), Abu Dhabi-based Mubadala Investment Company, Abu Dhabi Investment Authority (ADIA), L Catterton and KKR-are likely to pick up stakes in the retail venture as well.

Brokerages raised their target price for RIL after the deal with Silver Lake. RIL and RRVL on Wednesday announced that the US PE firm will invest Rs 7,500 crore into RRVL, a subsidiary of Reliance Industries.

This investment values RRVL at a pre-money equity value of Rs 4.21 lakh crore. Silver Lake’s investment will translate into a 1.75 per cent equity stake in RRVL on a fully diluted basis.

Motilal Oswal raised the target price to Rs 2,250. “We have ascribed Rs 3.68 lakh crore equity value to RRVL. Thus, this deal values the company at 14 per cent premium to our valuation. At this valuation, the implied share price of Reliance Retail would be Rs 664 as compared our target price of Rs 580 and would increase our current target price of Reliance Industries by 4 per cent.”

IDBI Capital Markets revised the target price of RIL upwards to Rs 2,464 from Rs 2,154 earlier.

“We expect a few more deals in coming weeks as we had witnessed for Jio Platform. Though, valuation is likely to remain unchanged for coming deals in line with Jio Platform stake sale,”