The company issued 4.417 million shares at INR 796.5 per share to top-level employees, showcasing its commitment to retaining and rewarding key leadership.
Kiko Milano, previously operated in India through a joint venture between Italy's Percassi Group and New Delhi-based DLF Brands Ltd, is now wholly integrated into Reliance Retail.
This represents the third-largest investor's exit from the company's board of directors, after Reliance Retail and Google, which exited the board of the quick commerce firm last year.