Here's how jio platforms have snapped 10 deals in two days | Chronicleplanet.com

Chronicleplanet.com

Best Latest News Provider

Here’s how jio platforms have snapped 10 deals in two days

2 min read

Here’s how jio platforms have snapped 10 deals in two days

The oil-to-telecoms conglomerate said on Saturday global investment firm TPG will buy a 0.93% stake for Rs 4,546.80 crore ($598 million), while private equity firm L Catterton will pick up a 0.39% stake for Rs 1894.50 crore ($249 million).

Reliance Industries has raised Rs 64.4 billion ($847 million) from the sale of two stakes in its digital unit Jio Platforms, making them the tenth deals in less than two months.

The oil-to-telecoms conglomerate said on Saturday global investment firm TPG will buy a 0.93% stake for Rs 4,546.80 crore ($598 million), while private equity firm L Catterton will pick up a 0.39% stake for Rs 1894.50 crore ($249 million).

Reliance, which is controlled by India’s richest man Mukesh Ambani, has now sold just over 22% of Jio Platforms to investors including Facebook Inc, securing $13.72 billion in eight weeks.

“With this investment, Jio Platforms has raised Rs 102,432.45 crore from leading global technology investors including Facebook, Silver Lake, Vista Equity Partners, General Atlantic, KKR, Mubadala, ADIA, and TPG since April 22, 2020,”

Reliance Industries Limited on Saturday announced investment of 1,895 crore by PE firm L Catterton in RIL’s digital unit Jio Platforms.

L Catterton is one of the world’s largest consumer-focused private equity firms.

This investment values Jio Platforms at an equity value of  4.91 lakh crore and an enterprise value of  5.16 lakh crore.

L Catterton’s investment will translate into a 0.39% equity stake in Jio Platforms on a fully diluted basis.

With this investment, Jio Platforms has raised  1,04,326.95 crore from leading global investors including Facebook, Silver Lake, Vista Equity Partners, General Atlantic, KKR, Mubadala, ADIA, TPG and L Catterton since 22 April, 2020.

Earlier on Saturday, RIL announced global alternative asset firm TPG will invest 4,546.80 crore in Jio Platforms at an equity value of 4.91 lakh crore and an enterprise value of 5.16 lakh crore.