Reliance Industries Limited on Thursday announced raising an investment of ₹11,367 crore from Saudi Arabia's The Public Investment Fund (PIF). This is eleventh investment in Reliance Jio's platform since April this year.
The announcement comes less than a week after Reliance Jio announced raising ₹4,586.80 crore from TPG.
The PIF investment is at a similar valuation to the other recent PE investments in Jio which is an equity valuation of ₹4.91 lakh crore and enterprise valuation of ₹ 5.16 lakh crore. PIF’s investment will translate into a 2.32% equity stake in Jio Platforms on a fully diluted basis.
Since April 2020, Reliance Jio Platforms has raised ₹115,693.95 crore from investors including Facebook, Silver Lake, Vista Equity Partners, General Atlantic, KKR, Mubadala, ADIA, TPG and L Catterton. Jio has so far sold 24.7% stake in the company.
Morgan Stanley was financial advisor to Reliance Industries while AZB & Partners and Davis Polk & Wardwell acted as legal counsels.
Source - Hindustan Times
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