Saudi Arabia's wealth fund Public Investment Fund has bought a 2.32% stake in Jio Platforms for Rs 11,367 crore, parent Reliance Industries Ltd. said a statement on Wednesday.
This is PIF's largest investment in the Indian economy to date. Morgan Stanley acted as financial adviser to RIL for the deal. AZB & Partners and DavisPolk & Wardwell were the legal counsels. The transaction is subject to regulatory and other customary approvals.
"With this investment, Jio Platforms has raised Rs 1,15,693.95 crore from leading global investors including Facebook, Silver Lake, Vista Equity Partners, General Atlantic, KKR, Mubadala, ADIA, TPG and L Catterton, since April 2020," RIL said in a statement.
The deal gives Jio Platforms an equity value of Rs 4.91 lakh crore and an enterprise valuation of Rs 5.16 lakh crore, according to the statement.
Over past two months, RIL has announced asset sales worth $14 billion, completed a Rs 53,124 crore rights issue and slowed the run rate of new investment by a quarter—moves aimed at turning net debt-free by March 2021.
Also Read: Reliance Nears Deal To Buy Stake In Future Group Firms
On Wednesday, RIL shares rose 2.53% to Rs 1,656.25 apiece on the BSE even as the benchmark Sensex gained 2.09% to end the day at 34,208.05 points.
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