Last Updated : Jun 19, 2020 01:05 PM IST | Source: Moneycontrol.com

RIL hits record high as it becomes net debt-free ahead of its target

PIF’s investment will translate into a 2.32% equity stake in Jio Platforms on a fully diluted basis.

Reliance Industries (RIL) share price touched 52-week high of Rs 1,680 rising over 1 percent in the opening trade on June 19 as the company said the record investments it received for Jio Platforms and a mega rights issue helped it become net debt-free well ahead of its March 2021 target.

The company also said it is looking to list Jio & Reliance Retail within 5 years.

"We have received strong interest from strategic and financial investors in our consumer businesses, Jio and Reliance Retail. We will induct leading global partners in these businesses in the next few quarters, and move towards listing of both these companies within the next five years," said Mukesh Ambani, Chairman and Managing Director of Reliance Industries.

Close

The company has raised over Rs 168,818 crore in just 58 days through investments by global tech investors of Rs 115,693.95 crore and rights issue of Rs 53,124.20 crore.

In an another deal, Saudi Arabia’s Public Investment Fund will invest Rs 11,367 crore in Jio Platforms.

This investment values Jio Platforms at an equity value of Rs 4.91 lakh crore and an enterprise value of Rs 5.16 lakh crore.

Also Read - PIF-Jio deal | Record investor participation in Jio Platforms takes RIL to striking distance from net zero debt

PIF’s investment will translate into a 2.32% equity stake in Jio Platforms on a fully diluted basis.

With this investment, Jio Platforms has raised Rs 115,693.95 crore by selling 24.7 percent stake to the leading global investors including Facebook, Silver LakeVista Equity PartnersGeneral AtlanticKKRMubadalaADIATPG and L Catterton, since April 2020.

"I welcome PIF as a valued partner in Jio Platforms and look forward to their sustained support and guidance as we take ambitious steps to accelerate India’s digital transformation for enriching and empowering the lives of 1.3 billion Indians," said Mukesh Ambani, Chairman and Managing Director of Reliance Industries.

Disclaimer: Reliance Industries (RIL) is the sole beneficiary of Independent Media Trust which controls Network18 Media & Investments Ltd.
First Published on Jun 19, 2020 09:39 am
Sections