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Saudi Arabia’s Public Investment Fund Buys 2.32% Stake in Jio Platforms for Rs 11,367 Crores

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Saudi Arabia's PIF buys 2On June 18, 2020 Reliance Industries Limited(RIL)’s Jio Platforms stepped into 11th deal with Saudi Arabia’s Public Investment Fund(PIF), who bought 2.32% stake in Jio Platforms for Rs 11,367 crores. With this investment, Jio Platforms has raised Rs 115,693.95 crores(1.15 lakh crores) from leading global investors since April 22, which is the largest continuous fund raised by a company in the world.

  • This investment estimates the equity value of Jio Platforms at Rs 4.91 lakh crore & its enterprise value at Rs 5.16 lakh crore.  
  • With this investment, RIL holds 75.3% stake in Jio while 24.7% by the investors.

Previous global investors who bought stake in Jio Platforms:

i.Facebook(US) bought 9.99% stake for Rs 43,573.62 crores on April 22.

ii.Silver Lake(US) bought 1.15% stake for Rs 5,655.75 crores on May 4. In addition to this it bought 0.93% stake for Rs 4,546.80 crores on June 5, which increased its total holding to 2.08%.

iii.Vista Equity Partners(US) bought 2.32% stake for Rs 11,367 crores on May 8.

iv.General Atlantic(US) bought 1.34% stake for Rs 6,598.38 crores on May 17

v.KKR(US) bought 2.32% stake for Rs 11,367 crores on May 22.

vi.Mubadala Investment(United Arab Emirates- UAE) bought 1.85% stake for Rs 9,093.60 crores on June 5. 

vii.UAE’s Abu Dhabi Investment Authority(ADIA) bought 1.16% for Rs 5,683.50crores on June 7

viii.TPG Capital(US) bought 0.93% for Rs 4,546.80 crores & L Catterton(US) bought 0.39% for Rs 1,894.50 crores on June 13.

Note: All these  investments and the rights issue of Rs 53,124 crore will enable RIL to pay off the net debt target of Rs 1.61 trillion by the end of 2020.

About PIF:
Headquarters– Riyadh, Saudi Arabia
Chairman– Prince Mohammad bin Salman bin Abdulaziz Al-Saud

About RIL:
Headquarters- Mumbai, Maharashtra
Chairman & Managing Director– Mukesh D. Ambani