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TPG, L Catterton bought 1.32% stake in Jio Platforms for Rs 6441.3 crore

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L Catterton Invest Over Rs 6,400 Cr in Reliance JioThe 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
Facebook 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