Marking its seventh fund raising since April 22, Jio Platforms, a subsidiary of Asia's richest man Mukesh Ambani-controlled Reliance Industries Ltd (RIL), has raised Rs 4,546.80 crore from Silver Lake and co-investors. The total investment by Silver Lake, including the earlier one on May 4, is Rs 10,202.55 crore for 2.08 per cent stake.

ALSO READ: Is Jio Platforms looking to raise more funds?

With the latest round, Jio Platforms has raised a total of Rs 92,202.15 crore from global technology and growth investors such as Facebook, Silver Lake, Vista Equity Partners, General Atlantic, KKR and Mubadala in the past nearly six weeks.

The deal values Jio Platforms at an equity value of Rs 4.91-lakh crore and an enterprise value of Rs 5.16-lakh crore, and will translate into a 2.08 per cent equity stake in Jio Platforms on a fully diluted basis, RIL said in a statement.

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“Silver Lake and its co-investors are valued partners as we continue to grow and transform the Indian digital ecosystem for the benefit of all Indians. We are pleased to have their confidence and support, as well as the benefit of their leadership in global technology investing and their valued network of relationships, as we drive the Indian Digital Society’s transformation,” Mukesh Ambani, Chairman and Managing Director, Reliance Industries Ltd, said.

ALSO READ: Jio Platforms raises ₹11,367 crore from Vista Equity Partners

“I would like to emphasise that Silver Lake’s additional investment in Jio Platforms, within a span of five weeks during the COVID-19 pandemic, is a strong endorsement of the intrinsic resilience of the Indian economy, which will surely grow bigger with comprehensive digital enablement,” Ambani added.

Morgan Stanley acted as financial advisor to RIL and AZB & Partners and Davis Polk & Wardwell were the legal counsels. Latham & Watkins LLP, Shardul Amarchand Mangaldas & Co and Simpson Thacher & Bartlett LLP were the legal counsels to Silver Lake.

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“We are excited to increase our exposure and bring more of our co-investors into this opportunity, further supporting Jio Platforms in its mission to bring the power of high-quality and affordable digital services to a mass consumer and small businesses population. The investment momentum behind Jio validates a compelling business model and underscores our admiration for Mukesh Ambani, his team and their courageous vision in creating and building one of the world’s most remarkable technology companies,” Egon Durban, Silver Lake Co-CEO and Managing Partner, said.

This comes a day after the company raised Rs 9,093.60 crore from Abu Dhabi-based sovereign investor Mubadala Investment Company in lieu of a 1.85 per cent stake.

READ THE STORY: Jio Platforms raises ₹9,093.60 crore from Mubadala

With plans to raise funds totalling Rs 1.62-lakh crore by December, RIL will emerge net-debt free by the end of this calendar year, much ahead of its own earlier estimates of debt-free by March 2021.

READ THE STORY: Reliance Industries to be debt-free by year-end

On Friday, RIL’s share prices rose over 2 per cent to Rs 1,617.70 in early trade, hitting a 52-week-high on the BSE after the announcement of Mubadala’s investment. The shares ended up 0.04 per cent at Rs 1,580 on BSE.

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