Reliance Industries (RIL) share price rose more than 4 percent intraday on May 8 after a US-based private equity fund said it is going to pick a stake in the company's digital unit.
The stock is just 4.5 percent away from its record high of Rs 1,617 registered on December 20, 2019.
The stock has rallied about 40 percent since April.
Vista Equity Partners will pick up a 2.32 percent stake in the company's Jio Platforms for Rs 11,367 crore at an equity value of Rs 4.91 lakh crore and an enterprise value of Rs 5.16 lakh crore.
The US-based private equity firm that runs the world’s largest exclusively tech-focused fund.
Vista’s investment is at 12.5 percent premium over the Facebook deal announced in April. The investment by Silver Lake Partners in Jio announced earlier this week was also at a similar premium to the Facebook deal.
Also Read - RIL Jio gets new marquee investor: Vista Equity to buy 2.32% for Rs 11,367 cr
"Like our other partners, Vista also shares with us the same vision of continuing to grow and transform the Indian digital ecosystem for the benefit of all Indians. They believe in the transformative power of technology to be the key to an even better future for everyone," said Mukesh Ambani, Chairman and Managing Director - Reliance Industries.
At 10:48 hrs Reliance Industries was quoting at Rs 1,567.50, up Rs 60.25, or 4.00 percent on the BSE.
Disclaimer: Reliance Industries Ltd. is the sole beneficiary of Independent Media Trust which controls Network18 Media & Investments Ltd.
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