Stocks

Reliance Industries shares ride up on Abu Dhabi Investment deal

PTI New Delhi | Updated on June 08, 2020

Shares of Reliance Industries on Monday jumped nearly 3 per cent after the company sold 1.16 per cent stake in its digital unit to Abu Dhabi Investment Authority (ADIA) for Rs 5,683.50 crore.

It gained 2.74 per cent to touch a one-year high of Rs 1,624 on BSE. On NSE, it rose 2.32 per cent to Rs 1,618.40 -- its 52-week high.

Reliance Industries on Sunday said it sold 1.16 per cent stake in Jip Platforms to ADIA for Rs 5,683.50 crore, taking the cumulative fund raising to Rs 97,885.65 crore, which will help pare debt at the oil-to-telecom conglomerate.

“This investment values Jio Platforms at an equity value of Rs 4.91 lakh crore and an enterprise value of Rs 5.16 lakh crore. ADIA’s investment will translate into a 1.16 per cent equity stake in Jio Platforms on a fully diluted basis,” the company said in a statement.

With this investment, Jio Platforms has raised Rs 97,885.65 crore from leading global investors including Facebook, Silver Lake, Vista Equity Partners, General Atlantic, KKR, Mubadala and ADIA in less than seven weeks.

Published on June 08, 2020

Follow us on Telegram, Facebook, Twitter, Instagram, YouTube and Linkedin. You can also download our Android App or IOS App.

This article is closed for comments.
Please Email the Editor