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Last Updated : May 22, 2020 10:35 AM IST | Source: Moneycontrol.com

RIL share price rises as KKR buys stake in Jio Platforms

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


Reliance Industries (RIL) share price rose over 1 percent in early trade on May 22 after the company announced selling of further stake in its digital arm Jio Platforms.

The global private equity firm KKR will invest Rs 11,367 crore into Jio Platforms, a digital arm of the Reliance Industries, said the company.

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 company release.

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This is KKR’s largest investment in Asia and will translate into a 2.32% equity stake in Jio Platforms on a fully diluted basis.

Also Read - KKR-Jio Platforms deal: Here are the 5 key things to know

Over the last month, leading technology investors, such as, Facebook, Silver Lake, Vista, General Atlantic and KKR have announced aggregate investments of Rs 78,562 crore into Jio Platforms.

“I am delighted to welcome KKR, one of the world’s most respected financial investors, as a valued partner in our onward march to growing and transforming the Indian digital ecosystem for the benefit of all Indians, said Mukesh Ambani, Chairman and Managing Director of Reliance Industries.

The transaction is subject to regulatory and other customary approvals.

At 09:18 hrs Reliance Industries was quoting at Rs 1,449.65, up Rs 9.60, or 0.67 percent on the BSE.

Read all KKR Jio deal stories here

Disclaimer: Reliance Industries Ltd. is the sole beneficiary of Independent Media Trust which controls Network18 Media & Investments Ltd

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First Published on May 22, 2020 09:26 am
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