Jio Platforms, the telecom and digital business wing of the Reliance Industries continues to be the darling☺️ of the big foreign investors.
It has just raised Rs. 13,640 crores by selling stakes in two separate transactions🤝.
Till date, Jio has attracted an investment of just over Rs 92,200 crores👍 from six investors by selling a total of nearly 20% of its stake to them.
About the Twin deals
The first of the two deals saw Jio raising Rs. 9,093 crores from Mubadala Investment, Abu Dhabi’s 2nd-largest sovereign investor😎.
The latter got a 1.85% stake in exchange of it.
Under the other transaction, Silver Lake which had ☝️already invested Rs. 5,655 crores in Jio in early May will invest a further Rs. 4,546 crores along with its co-investors.
This will take its stake in Jio to 2.08%.
Takes Jio on a high
These twin investments peg🧐 Jio Platforms’ equity value at Rs 4.91 lakh crore and enterprise value at Rs 5.16 lakh crore.
The stake sales are part of Reliance’s plan to be debt-free🙂 at the end of FY20.
It is likely to do that before the targeted period considering the fact, that the company has already raised over Rs. 53,000 crores💰 from a just-concluded rights issue.
Big Future Plans
Reliance is keen to transform itself from an oil and petrochemicals major🏭 into a consumer technology giant.
It aims to build Jio Platforms into a digital entity on the lines of 💪global giants, Alphabet and Tencent.