RIL shares jump over 4% as Vista Equity Partners picks 2.32% stake in Jio Platforms for Rs 11,367 cr

Shares of Reliance Industries on Friday jumped over 4 percent after the company announced that US-based private equity firm Vista Equity Partners will buy a 2.32 percent stake in its digital unit, Jio Platforms, for Rs 11,367 crore

Press Trust of India May 08, 2020 12:27:13 IST
RIL shares jump over 4% as Vista Equity Partners picks 2.32% stake in Jio Platforms for Rs 11,367 cr

New Delhi: Shares of Reliance Industries on Friday jumped over 4 percent after the company announced that US-based private equity firm Vista Equity Partners will buy a 2.32 percent stake in its digital unit, Jio Platforms, for Rs 11,367 crore.

The heavyweight stock gained 4.42 percent to Rs 1,574 on BSE.

On the NSE, it rose by 4.48 percent 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.

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Vista's investment will translate into a 2.32 percent equity stake on a fully diluted basis, making Vista the largest investor in Jio Platforms, behind Reliance Industries and Facebook.

RIL shares jump over 4 as Vista Equity Partners picks 232 stake in Jio Platforms for Rs 11367 cr

Representational image. Reuters.

Facebook had bought 9.99 percent 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 percent 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.

(Disclaimer: Reliance Industries Ltd. is the sole beneficiary of Independent Media Trust which controls Network18 Media & Investments Ltd which publishes Firstpost)

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