Jio Platforms is set to raise Rs 13,640.4 crore by selling a 1.85 Per cent stake to Mubadala Investment Co., Abu Dhabi’s second-largest sovereign investor, and an additional 0.93 Per cent stake to US private equity player Silver Lake and its co-investors. This is the sixth tranche of investments in six weeks for the digital and telecom business unit of Reliance Industries.
The investment of Rs 9,093.6 crore from Mubadala is a fresh one and was announced early on Friday, and helped push the shares of RIL to an all-time high. The investment by Silver Lake was announced later in the day, and came exactly a month after it had bought to 1.15 Per cent stake early May for Rs 5,655.75 crore. The latest round takes the investment by Silver Lake and its coinvestors to Rs 10,202.55 crore for a 2.08 Per cent stake.
These investments peg Jio Platforms’ equity value at Rs 4.91 lakh crore and enterprise value at Rs 5.16 lakh crore. It stands to garner Rs 92,202.15 crore from six investors in exchange for an 19.9 Per cent stake.
The funds coming from stake sales in Jio Platforms and the Rs 53,124 crore from a rights issue will help lower Reliance’s consolidated net debt by over 90 Per cent from Rs 1.61 lakh crore at the end of FY20.