RIL shares jump over 4 pc as Vista Equity Partners picks 2.32 pc stake in Jio Platforms
Shares of Reliance Industries on Friday jumped over 4 per cent after the company announced that US-based private equity firm Vista Equity Partners will buy a 2.32 per cent stake in its digital unit, Jio Platforms, for Rs 11,367 crore. The heavyweight stock gained 4.42 per cent to Rs 1,574 on BSE. On the NSE, it rose by 4.48 per cent to Rs 1,574.55.
"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," the company said in a statement earlier in the day.
Vista's investment will translate into a 2.32 per cent equity stake on a fully diluted basis, making Vista the largest investor in Jio Platforms, behind Reliance Industries and Facebook.
Facebook had bought 9.99 per cent stake in Jio Platforms for Rs 43,574 crore. That deal was followed by Silver Lake - the world's largest tech investor - buying 1.15 per cent stake in Jio Platforms for Rs 5,665.75 crore.
"Jio Platforms has now raised Rs 60,596.37 crore from leading technology investors in less than three weeks," the statement said.
The wholly-owned subsidiary of Reliance Industries is a next-generation tech company that brings together Jio's leading digital apps, digital ecosystems and high-speed connectivity platform under one umbrella.
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