Reliance Industries Gains Over 2% On Mubadala-Jio Platforms Deal
Reliance Industries rose to a record high on Friday after the company said Abu Dhabi-based Mubadala Investment Company will buy a 1.85 per cent equity stake in its digital arm Jio Platforms for Rs 9,093.60 crore. Shares in Reliance Industries Limited (RIL) rose as much as 2.39 per cent to touch the Rs 1,617.70 apiece mark on the BSE in morning deals, having started the session at Rs 1,601.90. Mubadala's investment in Jio Platforms comes at an equity value of Rs 4.91 lakh crore and enterprise value of Rs 5.16 lakh crore, Reliance Industries said in a statement early on Friday.
Abu Dhabi-based sovereign investor Mubadala Investment Company (Mubadala) will purchase 1.85 per cent equity stake in Jio Platforms for Rs 9,093.60 crore.
"I am delighted that Mubadala, one of the most astute and transformational global growth investors, has decided to partner us in our journey to propel India's digital growth towards becoming a leading digital nation in the world," said Mukesh Ambani, chairman and managing director, Reliance Industries.
With this investment, Jio Platform has raised Rs 87,655.35 crore from leading global technology and growth investors, including Facebook, Silver Lake, Vista Equity Partners, General Atlantic, KKR and Mubadala in less than six weeks.
Reliance Industries has now sold a combined 18.97 per cent stake in Jio Platforms through six fundraising deals.
Abu Dhabi's state-run Mubadala Investment Company is a sovereign investor managing a global portfolio to generate financial returns. It is the second-biggest state investor in Abu Dhabi after Abu Dhabi Investment Authority (ADIA), managing about $240 billion in assets.
At 10:48 am, the Reliance Industries stock traded 0.71 per cent higher at Rs 1,591.20 on the BSE, outperforming the benchmark S&P BSE Sensex index was flat.
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