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
|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