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RIL Share Price Gains As Intel Picks Up Stake In Jio

The deal with Intel — the 12th such investment in 11 weeks —takes the total stake that Reliance sold in Jio Platforms to 25.09 percent.

Jul 3, 2020 / 09:26 AM IST

Reliance Industries (RIL) share price gained over 1 percent in early trade on July 3 after the announcement that the American semiconductor giant Intel Corp will invest in the company's digital arm.

Intel Capital, the investment arm of Intel Corporation, will invest Rs 1,894.5 crore in Jio Platforms in exchange for a 0.39 percent stake.

The transaction values Jio Platforms at an equity value of Rs 4.91 lakh crore and an enterprise value of Rs 5.16 lakh crore, as per the company release.

The deal with Intel — the 12th such investment in 11 weeks —takes the total stake that Reliance sold in Jio Platforms to 25.09 percent.

RIL has now raised a combined Rs 117,588.45 crore from some of the world’s leading tech investors led by Facebook, which bought a 9.99 percent stake for Rs 43,574 crore on April 22.

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The company will hold its first virtual annual general meeting of shareholders on July 15 as public gatherings are not possible in view of the coronavirus pandemic.

At 09:18 hrs Reliance Industries was quoting at Rs 1,776.10, up Rs 15.55, or 0.88 percent on the BSE.

Disclaimer: Reliance Industries Ltd. is the sole beneficiary of Independent Media Trust which controls Network18 Media & Investments Ltd which publishes moneycontrol.com.
Moneycontrol News
first published: Jul 3, 2020 09:26 am
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