The United States (US) private equity firms TPG Capital and L Catterton have become the 8th and 9th investors respectively in the Jio Platforms, as the latter has sold 0.93% stake in TPG for Rs 4,546.80 crore and 0.39% stake sold to L Catterton for Rs 1,894.50 crore.
- With this Jio Platforms has sold a further 1.32% stake for Rs 6441.3 crore.
- Also the latest selling of stake increases the Jio Platforms’ equity value at Rs 4.91 lakh crore and enterprise value at Rs 5.16 lakh crore.
Following table shows the 9 investors in Jio Platform from April 22, 2020 to June 14, 2020
| Investor | Country | Stake | Amount |
|---|---|---|---|
| US | 9.99% | Rs 43,573.62 cr | |
| Silver Lake | US | 1.15% | Rs 5,655.75 |
| Vista Equity Partners | US | 2.32% | Rs 11,367 cr |
| General Atlantic | US | 1.34% | Rs 6,598.38 cr |
| KKR & Co.Inc. | US | 2.32% | Rs 11,367 cr |
| Mubadala Investment | United Arab Emirates (UAE) | 1.85% | Rs 9,093.60 cr |
| Silver Lake (additional investment) | US | 0.93% | Rs 4,546.8 cr |
| Abu Dhabi Investment Authority (ADIA) | UAE | 1.16% | Rs 5,683.50cr |
| TPG Capital | US | 0.93% | Rs 4,546.80 cr |
| L Catterton | US | 0.39% | Rs 1,894.50 crore |
With the above 10 investments, parent Reliance Industries has sold 22.38% stake in Jio and collected Rs 104,326.95 crore in the largest continuous fundraising by a company, anywhere in the world.
Reason behind stake selling
Reliance has set its target to meet its zero net-debt by March 2021. The funds from stake sales in Jio Platforms and the Rs 53,124 crore from a rights issue will help lower Reliance’s consolidated net debt significantly from Rs 1.61 lakh crore at the end of FY20.
About TPG Capital:
It is a leading global alternative asset firm founded in 1992 with more than $79 billion of assets under management across a wide range of asset classes, including private equity, growth equity, real estate and public equity
Co-chief executive officer (CEO)– James Coulter & Jon Winkelried
Headquarter– San Francisco in California, US
About L Catterton:
Founded in 1989, L Catterton is the investment partner for leading consumer-focused brands around the world.
Co-chief executive officer (CEO)– J. Michael Chu, and Scott A. Dahnke
Headquarter– Greenwich, Connecticut, US
